Proceed with caution and be sure he knows what he is doing before letting him do the whole project.

What I would do is find a local developer that has a good reputation and/or doing lots of deals and reach out directly asking if they have any projects looking for investment.

I have financed several projects that required our borrower to evict a non paying tenant.

They may be lower in your area, but make sure to calculate them properly especially when putting that much capital behind a project.

Hello, I am an architect in NY and I am taking a leap into developing my first project which ideally is a distressed single family house in Westchester County, NY.

Due to my many goals it does become a bit overwhelming trying to figure out which project to pursue first. 

I want to build spec homes (flips) with a project value of at least $1.5MM and up.

Goes along with stress right now in trying to figure out how to structure my Very First Project.

I do all of that and more expect for some of the bids a those don’t take long to get and I pretty much know what they are anyways since I do a lot of these.The risk with this is if somehow seller can’t deliver clear Title, then you are out these expenditures but that is rare.Not sure about your area, but here in Los Angeles, I can have all the plans completed and submit to B&S (building and safety) before being on Title but to actually get the project to RTI, I do need to show I am on Title or get notarized approval from seller to submit to City.I typically make my offers with closing dates of 10 Days but I love it when sellers need 30 or 60 Days to close as that saves me holding costs while I do all the plans and City submittal/clearances.

@Erika Carter do you have any recommendations for contractors who do 203K projects.