And be careful with the PMC, there are some fly by night guys out there..And BTW, as of Q1 2023 Milwaukee is in the Top 10 most hottest real estate markets in the US (measured in % appreciation), we have a massive housing shortage.

Massive difference.It may be worth your resources depending upon your near-term goals. 

Look at it from the Lenders point of view, if it was your money would you lend someone money for a massive project and they have zippo experience, and I know your partner has one he did with cash from a HELOC, but you are talking about institutional money now.  

You’re taking massive imperfect action and that’s more than so many can say.

Morris model of NON transparency IE you cant see the houses we are too busy .. you can't inspect them we are too busy.. just played into this massive loss of investor capital.. 

This is one of the main downsides to it in my mind and why I would only do one with a massive cash reserve.

On the topic of new investors JVing, go for it however I see this as a massively risky approach and would never advise anyone to do it. 

Also given the current circumstances and uncertainty i certainly wouldn't agree to pay a leasing commission upfrontFinally, unless the broker provides massive value and not just put a listing on loopnet like 99% of them do, there is no way i'm going to pay 4-6% of EGI unless the brokers brings a AAA national tenant

Several years ago it was rumored that a Six Flags would be built somewhere near Eloy, then the idea seemed to vanish in the wind, same for the massive Pacific Union railway switchyard that was planned for the Picacho/Red Rock area.

unless it has massive equity they won't be bothered  I have bought literally over a hundred like this.the days of buying a foreclosure that has some massive equity is LOOOONG gone.. at least in my markets. which were CA OR WA and GA  MS AL IN OH PA  those are all states I have been an active buyer.