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.

I will need to pay off the existing mortgage ($451k) with a construction loan; at most I can put in $180k toward the build but not sure if that is wise to put so much of my own money in.So far my best option seems to be to partner up with an experienced developer/builder who can put down cash towards the construction downpayment *and* qualify for a bank construction loan.

That is the major problem in developing a relationship with tenants.........They never have the same expectations as the landlord.

@Dean Ingraham,I own 3 quads in a similar development. 

Medical tenants have heavy TI when they go in so if building is really outdated and old they may leave to a new building completed by a developer with all the new bells and whistles unless you just have the best spot in town already. 

I contribute monthly to a ROTH IRA and am saving most of my money (I am fairly frugal) to support my beginnings as an agent and to eventually invest in real estate as I mentioned. 

With the time it would take to develop this, I can justify the extra expense it’s just hard to pull the trigger on it.

If you own the land you don't ever have to develop it if you don't want to. 

I ended up analyzing 32 properties mostly in Humboldt Park where the search results seemed most prominent and I eventually contacted a realtor.

Eventually the seller will consider a lower offer of someone else will pay the sellers price.