Your primary strategy should be to have the Contractor and all Subcontractors add you to their insurance policy as Additional Insured. 

Additionally if you find this post helpful please give it a vote on the right hand side of this post.

In addition, condos tend to not appreciate as fast in value compared to single-family or multi-family homes. 

Quote from @Paul Azad: Beautiful property Blake, and great growing area, i drove through a few years ago, amazing scenerey and perrenial vacation spot, would you feel comfortable sharing the structure of the syndication for the investors, fees, projected IRR, or time weighted avg returns etc from a potential passive investor perspective?

Unless you're in a Class A Neighborhood like Palmer Woods, Indian Village, Sherwood, etc,. the additional rent probably won't support the cost to build:(More profitable to take the build funds and buy another property.DM us if you'd like to discuss more...

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

Additionally, when a problem arises, those problems get addressed and all parties involved are updated.Being a property manager is a hands-on / high touch vertical.

In hindsight I probably should have gotten an additional HVAC-specific inspection and tested the measurements for the actual washer/dryer space.

What kind of savings do you guys have in addition to the income savings each month? 

The loan officer didn't care about the LLC, just said there would be additional papers to sign.