If you start a JV in name but do not give your partners proper control and decision-making rights and the deal goes bad you open yourself up to serious consequences which can lead to SEC violations with extremely high fines.Lastly, you can offer the project up to investors who have no voting or control.  

Quote from @Josh Lansberry: You will hear a lot of people bad-mouth him, but Dave Ramsey can teach you how to get financially savvy real quick.

If the proforma has the rent roll at $1400 a month, there is a discrepancy that could lead you into a bad assumption on your business plan.Also one caveat, be aware of physical delineations around the area like bridges or railroad tracks or a canal. 

Just hope it's not to bad.  

Most of the bad noise right now is about downtown skyscrapers and REIT or Syndication apartment complexes where they played short term versus long term interest rates wrong.  

The house will need a new fence soon, so I'll have to factor that into the scenario.I'm not sure which choice is the best option for me.

If you expect further growth, holding onto the property could still make sense.Final ThoughtsSelling isn’t a bad option, but you’re giving up an incredible financing advantage.

But, if the $100k is coming in from a $3,000 acre from which has already been harvested $20,000 in TDR credits, that's not a bad ROI. 

The units are very utilitarian, in the first listing there are only 2 art pieces in the living room, they are too small for the wall, and they look like they were ordered off of amazon which isn't necessarily bad but it also doesn't stand out.

At times, the seller may back out, we may uncover bad things about the property during the due diligence period which will cause us to back out of the deal, or financing may fall through.What makes it even worse, we, as investors, may incur some soft costs (costs incurred prior to closing) which end up being sunk costs.However, as investors, we are relentless in our pursuit of cash-flow.