This article about hard money also talks in depth about the 70% rule.hard money and the 70% ruleFrom the article, the 70% rule assumes 10% of ARV for soft costs and 20% of ARV for profit.

bummer...so I guess you miscalculated the soft costs and ARV on your deal analysisWhat suburb is this located?

I have not seen the inside but the comps was about 35k... so i offered a soft pass of 10k they called me crazy, so i offered 15k and they said if i cant offer 35k dont call them back and hung up on me...  

Also my partner and I do refinance hard money loans into what we call soft money.  

You need conventional financing or soft private money or the interest will kill you.

My family is looking to purchase 4 lots for sale on Bass Lake.

Assuming your land is as-of-right or approved for the project you are going to develop, you will then need to think about construction costs, soft costs, and financing costs, revenue your project will generate and compare that to the market.

this is a belly to belly business.. unless you have 100's leads ... its not wise to do anything but make an appointment for a sit... then use your skills and sales techniques whether they are soft sell like Brian or hit you over the head the J Scott... but you would be amazed at the deals you make when they sounded rough on the phone and were completely different in person.I worked for 15 years shagging leads and doing in home presentations... its night and day from phone and in home.. and a really great sales men can turn someone around on a dime. 

Then even if you can do a condo conversion you must make sure of all of your soft cost such as architectural design, civil and structural engineering, permit cost and know something about how the property would be appraised for property tax.

You see there is times to be tough and times you can be soft, but YOU need to choose the time.