Build a strong team, prioritize cash flow, and take the time to understand the local market and regulations, especially for development projects.

In real estate its messy and there are always repairs and capX projects that seemingly pop up from time to time.

I have been working with my contractor about 23 years now and when we get involved in a project I go to the site at least 4-5 times per week.

Hey @Brad Roche - We do a significant amount of renovation loans (both Fannie May & FHA) here in Chicago and prefer the Homestyle loan only because it's less stringent on the borrow about what they have to repair, and they provide the general contractor a material draw at closing which helps the project start on the right foot.I thought the minimum down payment was 5%.

I plan to use a project manager but would love to hear your thoughts.Finding a reliable and trustworthy property management company feels like a big hurdle.

There is a catch - the couple wants to 1031 the funds into their sons next larger project which is TBD.

This is typically for most people not a DIY project. 

I have some DSCR lenders that will lend based on AirDNA projections.  

Real revenue has not lived up to projections.

Fine-tuning your savings, building a reserve fund, and running detailed ROI projections will help solidify your plan for long-term success.Good luck!