If you don't have sponsorship, by definition you don't have a deal - full stop. in some aspects, but but I'd argue in development you have to find land and partners at the same time. you have to have a competitive advantage and local knowledge. may not apply and probably different sectors. we break development up into multiple raises like Series A, Series B, etc in venture debt and discount equity tranches based on what stage the investor comes in for higher returns it's earlier like when we are investing in engineering services etc we recapitalize and spend our money with an equity sale and recapitalization. structured finance is so interesting 

Specifically, a location I am looking at is Ashford WA, near Mt Rainer National Park.

@Austin JamesWhere is the property located?

Landlords are required to disclose that the property is located in flood prone area and/or the property is known to have been damaged at least once during the 5-year period before the lease.

Check out this map:Most of Texas and Florida are lagging Midwest locations like Detroit, Milwaukee, Cleveland, Columbus, etc.What do all the seasoned investors think about this?

Late fee is considered reasonable if it is not more than 12% of the rent for the rental period under the lease for a dwelling located in a structure that contains not more than four dwelling units or 10% of the amount of rent for the rental period under the lease for a dwelling located in a structure that contains more than four dwelling units or the late fee is more than the applicable amount but not more than uncertain damages to the landlord related to the late payment of rent, including direct or indirect expenses, direct or indirect costs, or overhead associated with the collection of late payment.A late fee may include an initial fee and a daily fee for each day any portion of the tenant's rent continues to remain unpaid, and the combined fees are considered a single late fee.

Purchase price: $205,000 Cash invested: $175,000 This was quite the rare deal in the South Philly neighborhood of Point Breeze, located a few blocks south of Washington Ave and 22nd St this corner property while only having a lot size of 16x64 was 2000 sqft!

Congratulations you got a great property in a fabulous location! 

For example if local rents are $3k/mo and your house hack in $1k in the red, thats a sweet deal.

Building on a lake requires experience with the locale and building regulations.