Getting multiple contractors involved will be your best bet to get a reliable estimate, though you need to come up with a scope of work.

It involves investing in strong growth markets, diversifying, and buying distressed properties.

Why type of price point are you looking, what anticipated ROI/cash flow, how much time do you want to be involved in, what is your risk threshold, how long do you plan to hold the property, are you looking to invest locally or open to exploring other markets, etc.? 

There is a Fund of Funds involved.  

The borrowers could be paying their mortgage to scottsdale or scottsdale most likely sold the loans - when you invest in a syndication you have rights to manage the specific assets unless he gets a court order which there are also many other investors involved. 

Just bear in mind that trips to Maui involve 'discretionary' funds...A few more things to think about during your due diligence. 1.

Welcome, great community here on BP but also in-person in Central Texas, definitely encourage you to get involved in the lots of groups and events in the region!

I suspect this would happen if various parties were given the ability to ask questions in nearly every application for what this thread touches on - and I have major concerns about integrity (and credibility) issues involved in putting yourself in a position to defend this position if ever challenged. 

Did you ever have to get a lawyer involved or did it not go that far?

Like most things in real estate, a lot depends on the circumstances of the individuals involved and not just the numbers and figures.I hope this helps explain my thoughts, and I apologize for the lack of clarity when I defined "arbitrage".