Also, tighten up your rehab budget so you can use it to lower your offering price also.https://www.hudexchange.info/resource/729/sample-development-budget-and-operating-pro-forma-for-a-commercial-and/or-mixeduse-nsp-property/

I always thought of this as a fatal flaw....but apparently there is precedent for it and extenuating circumstances considered.  

Tons of flippers and developers use them in the area and have nothing but good to say about them.

Louis a couple years ago, there seemed to be a lot of development and rehabs in the Cherokee st area, which is a good sign, but do you see this trend continue?  

Without knowing what amount of time you have available as well as more personal information about your circumstance, no one can give you a definitive answer but I will give you a general answer that will hopefully help but with the understanding that you could have circumstances that make the following useless or harmful to you.In general, low interest rate debt should not be paid off if doing so uses funds that can be used to create/generate income and/or equity that exceeds the funds being used to pay down the mortgage. 

This "Face-To-Face" knowledge and interaction becomes important, if any "sticky" issues develop during the transaction. 

I'm developing a multi-family community from scratch, and hired a local civil engineer firm for site work (grading, erosion control, drainage plan, etc.) design.

I still work full-time as a pharmacist and have developed a good rapport with my colleagues and physicians and constantly talk about what I do in multifamily real estate.

It's the Army's future development HQ.

I need to develop my knowledge base, learn how to evaluate deals and make quality offers.