So I pulled the trigger

For affordable housing, the average construction cost is generally lower than market-rate projects but still substantial due to various factors such as labor, materials, and compliance with affordable housing regulations.Affordable Housing Construction Cost: The cost to build affordable housing in Oregon ranges between $250 and $350 per square foot as of 2024.

@Stetson Oates, Thanks, and you are right, market conditions would limit how much of the initial funds one would be able to withdraw.I should also add that, while I am not an accountant or tax professional, it appears that at no time in the strategy above would one trigger a taxable event, since you're not selling any stocks or property. 

I don't know anyone or anything about the area but we are willing to pull the trigger.

@Jagan ReddyHave you pulled the trigger on Memphis?

To highlight the basics of DD, we like to break it up into 4 areas: financials, initial walkthrough, compliance, and paid inspections/services.We like to begin with the items that require just your time, but not money.

@Jaquon Miller Did you already pull the trigger?

The transfer of title could trigger negative covenants in the loan (eg: Due on Sale Clause).

If you want your space to feel inviting and comfortable to live in, you have to trigger certain emotions in people. 

@Anthony Wilson Do you have your Certificate of Compliance?