I think it could take less than a year but folks usually think they can do this in 2-4 weeks and are disappointed;-)I'd see what's been done similar to your project in the last two years and check with those contractors, & developers for hard numbers, then meet with the Building Department and Neighbors.

@Ray Dryjanski "your underwriting" is your analysis of income, expenses, etc on the property that support your offer price. 

However, the sponsor should have provided you with their projections/estimates/forecast of the property's cash flows, and a sample return on your investment (by year).

Bottom-line, if you ran your numbers thru the calculator with accurate projections as a rental (not as a owner-occupant) and show negative cash flow, I would avoid ithe properties in questions and keep grinding. 

So it's time to start going out and meeting people, and doing some of the analysis that the books suggest. 

After I'm done with that I spend another 2+ hours a day putting together photos and a full property analysis so that people out of town are able to see the property in its entirety. 

Hi Mike, Curious how your development project is going? 

He did provide a Scope off Work at the beginning of the project, but he never adjusted any of it for change orders such as substitution vinyl plank for carpet.

Let me know and I’d be happy to work through some quick analysis and see if I can help you out.

I'm going to go ahead and guess a project like that would be $500+ minimum if you're not DIY oriented.