But one must anticipate the cost of improvements. 

I anticipate the project start to finish, from purchase of the property to sale of the units, to take 18 months.

The easy way out is to calculate the maximum due, declare the breach, initiate the foreclosure then mitigate and settle for a smaller number.In essence, you "give away" something that you are not really anticipating receiving in exchange for a forbearance and loan modifixation during fire closure that includes clause(s) reassertion of the debt and Ted new terms.This type mitigation gas both the affect as shivering your willingness to work with the debtor in good faith and further salidifies the debt should the bpdebtor escalate the mitigation into litigation, file BK or breach the forbearance, Even if you do not take further aggressive action to force sale, you would do well to send periodic statements to debtor in order to reminds them the debto is still due. 

My goal right now is to raise $200 million in capital in anticipation of a market correction.

Also if they are good tenants and we want more like them - we'll ask if they can refer anyone else who would be interested in renting the property and in exchange be lenient on pro-rating...that way we have someone else lined up and we aren't left trying to find a tenant for the remainder of the final month that we anticipated having them in the property. 

I bought a home two years ago here in South Florida (my wife, and 1 daughter) for 235k.We did not anticipate growing our family by two!

@Michael RobbinsI agree with your opinion that the Las Vegas market has a lot of growth upside.In this post I will cover the current market, what we anticipate, and the difference between investing in a declining or static market and an appreciating market.Current Las Vegas MarketI always prefer charts to text so below are some graphs I hope you find interesting.

A better reason would be the anticipated scope of work in order to get market rent that you have found after doing your due diligence.

SF is anticipating the trend.

Basically, I'm purchasing it a year earlier than anticipated.