But he may be right as well. you should have gotten multiple bids before you started the project. that would have addressed your concerns regarding overpaying.

@Brent Coombs I will concede that this is tough on your first project but I absolutely can get these terms from private lenders and refinance after six months into a conventional loan based on 75% ltv as appraised after the renovations.

Ultimately I scrapped my project because there was no way to add the requisite parking to add the third unit.

Now onto the project!

Specific repair projects and supplies, maintenance that are property specific are listed on the Schedule E for each respective property.

I KNOW that market very well, having built all types of projects from SFR, MFR, subdivisions, office parks, medical/dental, retail/office condos, etc.

There is a lot of turnover in contractors that work for HD, because HD really squeezes all the profit out and leaves the contractors with little $ for their effort, so they cut a lot of corners wherever they can in an attempt to actually make some $, and then they quit after a few poorly done projects that nobody except HD benefits from. 

Then I would encourage you to find a part-time investor in your area who does flips and see if you could take him or her out to lunch and see how they got started, see how they manage the project while working a job, and if the conversation goes really well, see if you could fund their next deal in exchange for them teaching you their process (make sure that property promissory notes are in place to protect your position though).

We are syndicating deals in self-storage not multifamily but we typically shoot for a 70 % LTV in our value add projects. 

With the new Suffolk Downs project coming and the new developments in Revere Beach, that area is already starting to become a hot bed for investors.