Sight unseen and going to BP for GC contacts for a F&F, that's a high level of courage! 

I am contemplating on my current project on wether  I should make the current apartment a 3 bedroom but sacrifice the living room space or make it a 2 bedroom with a bigger living room space .

At this time I think the apartment itself is not legal as it appears to be zoned a SFR. 

It really comes down to the market, and what the property value is in that area on the low and high end to see if your return will come back. 

And apart from that side, assuming the project goes well, does the cost and profit share elements look fair?

Real estate continues to be high where I am located and when I calculate the mortgage payment with 20% - 25% down, it only breaks even with the rent I could collect. 

It's like being a novelist and people write a review that they never read the book but don't like the genre (happened to me- better to understand that some people are negative and walk with your head high).

I lived in the area for a bit, and saw the high AirDNA rating for the area. 

My network of private money lenders do get high returns, but it is not without a lot of due diligence and structuring.

I'm personally looking at the 2-4 space right now as I think there should be good opportunity there to make the numbers work in high-value markets