How did it work out and anything you would change going into the next downturn (regardless of when it happens)?

If you find some end-buyer that's qualified to buy it, you may be able to work out some finder's fee with them.

And  I'm willing to bet you dinner that the bids from GC's work out to be less than the PM is charging. 

So really make sure the numbers work out.

@Z Loraine Nielsen , just because they are friends doesn't mean it's a good deal.Run your numbers, and if it doesn't work out, tell them.

As for having contractors meet you at the same time, I've done it, and if you're upfront with them, it can work out just fine. 

I expect that would give you some form of worthwhile recourse, as well, if things don't work out ideally.If you go with someone who's not licensed, they may or may not be insured, meet certain requirements, likely won't be able to pull their own permits, etc, at least that's been my experience.

That shouldn't be an issue for me though - I'm looking in to forming an LLC.I'm looking in to the possibility of a conventional bank loan based on my 2016 tax return but if that doesn't work out Lima One may be the way to go.Thanks again and all the best with your investing.Happy New Year!

We are currently in San Francisco and will continue to work out here for the next few months.

I too love the old architecture and would love to see some of these old gems come back to life, but unfortunately some are in spots where the numbers just don't work out.