Maybe you have the ability to sign on the dotted line for the debt, they have construction know how to the ability to manage the team.

After another week or so, we should either have the answer you were originally seeking or, if not, a few additional people to coordinate with to start one up. 

You don't want to continue doing business with someone who doesn't reliably pay their debts--end of story.In my experience, when a tenant doesn't pay what they owe, it's a major sign that the tenant will only cause you more and more problems in the future.

.$690k - $336k = $354kDown payment = $354k x 25% = $88.5kThe house looks like it was bought at $450k, so I am assuming that I will need to come up with around:$690k - $450k = $240k cash in addition to the down payment, Bringing the total to: $328.5k for cash to seller and as 25% down-payment based on the above.I hope I got all of the calculations correct, and honestly, the more I dive into it, the more I don't understand.

My family and I vacation frequently around the Traverse City area and would love to have a place that we could use part of the year and also would provide some additional income. 

In addition, Brooklyn is filled with young professionals and has a lot of fun stuff to do.2) I want an appreciation playI understand cash-flow near NYC is tough, so I want the appreciation play to be strong via the forced appreciation and via normal appreciation.

My wife has been doing commercial financing and we know where the best debt for construction is in todays market.  

So, the girl, T, goes ahead and moves out before she finds anyone, and signs a new lease in addition to ours. 

If you can get in and out of a BRRRR let's say leaving $10k in the deal.Obviously not having your name tied to the debt is a plus, but also if you haven't structured these correctly they can come back and bite the investors (due on sale, issues with prior owner of record etc). 

Additional Approvals from the State?