Its much harder to turn a property around in 6 months expecting to have 100% of your money returned back to you - but if you focus on the right property focusing on highest and best use with an ADU add (like mentioned), in-fill/lot split, or other rehabs - then hopefully a semi-decent property like that will perform like a champ in a few years. 

I specialize in small multifamily properties and house hacking working alongside BiggerPockets podcast guest Andrew Freed to help investors find high-performing deals in Central MA.My Background:  - Started in late 2019 I utilized an FHA loan to get my first 3 family property in Fitchburg, spent about a year fixing it up and soon after I refinanced. 

Yeah, item 5 promissory note vs performance deed process is not super clear. 

Get with a few contractors and have them different quotes and how they will perform the work.

Obviously past results are not necessarily indicative of future performance, but it seems like a great investment for accredited investors to get a low-risk, solid return in exchange for some illiquidity.

Performing or non-preforming? 

Bookkeepers can perform reconciliations and make your books look presentable. 

While I certainly think that reducing retirement account contributions and investing in real estate could be a great option for an early retirement, it requires honest conversations and detailed projections around your current portfolio's performance and expected rate of return on future acquisitions.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

Hypothetically, this deal would perform very well if you achieved 80%-90% occupancy.