You'd need to start working through a preliminary site-plan to validate your assumptions about the building area, parking ratio, drive-thrus etc.

And they said that’s just the preliminary contract … I have no idea what that mean … I haven’t even pick out the flooring and vanity . got a second opinion and the contractor quote way above what insurance already approved from the first contractor .

@Bill Wagers, Unfortunately, these are the kind of questions your QI should have answered in your first phone call with them.  1031's are strange and mysterious at first. 

My problem is that I know a former would-be purchser who got a preliminary title report from Chicago Title that read the owner--and three prior title holders--never had any legal interest in the property.

Preliminary priced from $100,000 to $199,000 for the California market, this home will make an impact in affordable housing juxtaposed helping Californians reach the American Dream.What made you interested in investing in this type of deal?

All quality Cost Seg providers provide complimentary preliminary analyses.

If you already have a preliminary site layout showing the size and quantity of buildings you can put on the lot, you should be able to take that work on some budget construction costs and from there work your possible rents into the equation to see if what you have drawn makes sense cost wise, or if there is a more efficient way to lay the site out and reduce costs. 

China wage rates have increased 240% in the last 12 years.  

HI Dara,If you own more than 50% of the LLC and can prove that you own it via operating agreement IE you’re the manager or member for 51%+ you can use conventional financing to close on this refinance out of your LLC (you will need to quit claim deed it back to your personal name and update the preliminary title report prior to closing conventional).Fannie doesn’t care about seasoning and timing however if you opt to use Freddie Mac there is a 51%+ ownership of the LLC required and or 12 months payments or occupancy required so freddie is way tougher for their continuity of obligation (COO) requirements.

Yeah the down side is that they do ask for the due diligence fee with only preliminary information required for submission.