Below is what you need to know that underwriting and programs guidelines don't tell you when considering a 223(f) apartment loan.AdvantagesHighest LTV in the marketEliminate refinance and interest rate risk with fixed rate terms up to 35 yearsLow fixed rates based on GNMA securitiesNon-recourse and assumable - makes for a great exit strategy especially in a rising rate environmentNo defined financial capacity requirementsNo geographic restrictionsNo minimum population requirementsSupplemental financing availableDisadvantagesLonger processing times - 120 days at a minimum (6-9 months is typical)Higher fees - HUD and FHA fees add to the overall cost of the loanMortgage Insurance Premiums (MIP) - Initial and annual premiumsAnnual audited operating statements requiredReplacement reserve escrows requiredHUD property inspections requiredOwner distribution restrictions and Cash out restrictions 2x a yearProperty condition is important to HUD, both during initial underwriting and over the life of the loan.

Refi Lenders will typically provide a loan amount that is 70 - 80% Loan to Value (LTV) based on a current appraisal.  

Not worth the "cheap skate" image it would portray.I would keep the units because commercial coin operated W/D are typically higher quality, and worth fixing.

What is the typical cost for constructing 4 condos each about 1500 sqft with 2 floors?  

We told our agent that we were doing this and the plan was we would eventually refer the candidates to him.

A typical mortgage loan (20%-30% down, low interest, and 30-yr note) is available to those houses which are habitable.

Does the property manager typically manage the contractor or does that fall on the syndicator? 

I use a flat fee service, because I typically do my own staging, do my own photos, write my own descriptions, and do my own negotiations.

I even use Skype and TeamViewer to communicate with clients so I'd highly recommend looking for one of the best with great references that interviews well with you.So look for someone you can connect with that works out for your situation.Feel free to ask here if you have questions

This is typically a pretty competitive industry, but the old adage that you get what you pay for is also appropriate here.