Ty,Thank you so much for the info, I will defiantly be taking you up on your offer to reach out.

I know at one time VHDA was offering 40 year financing on mixed use projects.

Some background I am retired and sold down some of my highly appreciated rental business assets in early 2024 and I will have around 1/2 Mill Capital gains for 2024 taxes.

I imagine there are a lot of 3/2 that probably sleep 8-10 and if you can offer a slightly larger bed count and a cool game room/theme room you can differentiate yourself a bit from your competition and get some extra revenue through slightly higher rate (extra person fees, etc) as well as an overall higher occupancy. 

I am very confused how it could be so high.

Make a lower offer that reflects more than the additional cost of that problem.

Investing in New Builds: Considerations and ProcessNew Build Investment Options:Build and Sell (Fix and Flip):Pros: Potential for high profits with modern appeal.Cons: Requires significant upfront investment and market risks.Build and Hold (Long-term Rental):Pros: Attracts quality tenants, potential for higher rental income.Cons: High initial costs, market fluctuations.Process Overview:Market Research: Identify high-demand areas.Land Acquisition: Purchase suitable land.Design and Planning: Work with architects and obtain permits.Construction: Oversee build quality and manage costs.Marketing (Fix and Flip): Highlight new features to attract buyers.Tenant Management (Rental): Implement thorough screening processes.Advice:Educate Yourself: Understand local regulations and market dynamics.Risk Management: Prepare for potential delays and cost overruns.If you have any other questions/just want to discuss feel free to reach out to me directly!

We were approached with a creative financing offer and it sounds really shady.

I started looking into real estate as a way to financial independence around that time and was offered to buy my first property by a family member who was looking to leave the investment world.

A good painter can Spray pretty good if he has the proper tip , good quality paint, and at least 100 jobs done prior to yours.So many factors involved,  are you protecting the flooring,  changing colors a lot lots of repairs done prior?