I'm not saying the project won't work, but for me it would be worth less to some potential buyers. 

Considerable potential for cash flow, especially in certain neighborhoods.Best of luck in your real estate investing journey!

We know there is potential and you make a good point, its easy to get cold feet.Bjorn what other types of opportunities would you be considering if you were in my shoes?

But you can certainly mandate the use to be outdoors, and I would require a separate deposit for potential odor removal.

.✅ You are backing into a potential price that can deliver your desired projected returns sufficient for the level of risk the deal presents.What would you add to this 7-step process to underwrite a commercial multifamily property?

We're planning to keep our current primary residence in the states and potentially list it as an STR.

However, as investors pivot from high-risk assets, which typically involve properties of lower quality and older construction, multi-tenant properties are experiencing the exponential effects of rising uncertainty.Specifically, since the cap rate lows of 2021, new Class A properties with strong credit and term have seen yields rise by approximately 150-200 basis points, Class B properties by 200-250 basis points, and Class C properties or those facing occupancy and geographic challenges by as much as 300 basis points.Going-in yields for the reduced volume of multi-tenant office transactions, excluding medical offices, have risen by over 200 basis points in the aggregate and are generally in the upper single-digits with pricing typically landing in the low $200s/SF territory.On a look-forward basis, debt maturities present potential challenges for 2024.

I would also look at potential lease options where you could get into properties in need of repairs or updates for little down and still have the option to buy it once you make the repairs.

You two need to be to decide and/or resolve conflicts over such aspects as:  when/what/how to repair/replace something (lots of finger pointing potential here), rent amount, keep or let go tenant, what to purchase for, how to deal with tenant, how to dissolve partnership if necessary, what to sell it for, when / how to refi...Most of all of this should be worked in the Operating Agreement in black and white. 

You have a bigger pool of potential allies if your borrower defaults, meaning, they may want to step up and negotiate to pay you off so they don't get wiped out.