I think the hardest/biggest hurdle to overcome when doing something like this is the permitting with the city/county youre dealing with.

The biggest thing is you'll want to ensure you have enough time for a commercial appraisal - these are much more extensive than 1-4 unit properties and cost 3-4x as much usually.

There are thousands of properties listed for sale in the MLS's across the country.Your biggest question shouldn't be WHERE to invest, but HOW you will invest!

The biggest problem right now is debt so I'd work on getting your construction financing in place and making sure your underwriting still works before raising any equity to fund your deal.  

Biggest lesson is that I need to buy another home next year: no staying put for too long.

(links also available @ our website)Your biggest question shouldn't be WHERE to invest, but HOW you will invest!

How much would it rent as is (with cosmetic things-paint, perhaps new hardware, fix what needs to be fixed) and how much would it rent for with the renos...and what would those renos cost.The biggest thing in deciding to do major renos is are you going to get your money back and what does it add to the property. 

(links also available @ our website)Your biggest question shouldn't be WHERE to invest, but HOW you will invest!

The biggest problem I had when I started... all of my friends knew NOTHING about investing.

That is really the biggest motivation for people if they do not have anywhere else to go.