Its like sampling a NFL players 40 yard dash but for apartment underwriting.

My concern then is if I ultimately cant get financing I don’t want to lose my deposit.

Complex construction projects are the easiest way to lose money, and the toughest for inexperienced investors to be able to pull off.There are a lot of inexperienced contractors as well who will gladly give you a quote for $50,000, get half way through the job and not be able to complete it or need another $50,000. 

Note, even if insurance pays for all the damage your property suffers, you still lose.

Sometimes you've gotta bring out the big guns - why should you lose money and a new tenant due to your current tenant reneging on her moveout date? 

@Darren Elliott i actually ended up losing my job and then i started scrambling to get a new one so i never reached out :/ got a new job but don't have 20% down so i started trying to set up for wholesaling 

Especially if you end up charging the wrong rent, using a lease with invalid/illegal clauses, violating a law/statute, lose more to vacancy while you learn than you’d pay for the PM. 

Too low an ARV and you lose money.

You can keep it as a 3 and live in it however you want, but do not structurally alter a 3 into a 2 unless you want to lose future value and hamstring the property and pay to make the property less desirable.

Worst comes to worst and you'll lose one asset as opposed to all of them.