Would  you  do this  deal?

Occupying 8,000 square feet indoors and 2,000 square feet on a third-floor patio, this will be the largest In-N-Out in the world.

I read review from yelp and it sounds not bad (from landlord point of view), but I never heard it before. 

I do not lend in AZ, so I am no direct help, but I can price out better then both of those options with NO pre-payment penalty at all. 

Typically his projects have been privately funded and smaller than this one.

How can I make sure to do this the right way? 

This would be a 100% refund for the unspent 4 nights, according to the payout adjustment.

This area is clearly growing and could possibly be a good opportunity.

When I see this, it's concerning because.. why are so many decent looking homes in a "warm" market temperature on the market for two plus months???

That said, if the property you're attempting to finance is materially larger than the properties you currently operate (IE - you're trying to finance a 30 unit building, but have only operated a series of 4-plexes to date), then sometimes this rule gets thrown out the window and you'll still be subject to the "Limited Multifamily Experience Sponsor" re-sizing parameters.