While I appreciate the compliment, the situation is quite difficult because they paid way too much basing their price (and business plan) on an unobtainable reality.

My superintendent built a couple, says it's just a jumbo SFR, just build per plan.

Our Situation:Two couples, new to real estate investing, each with one working spouse with a high income (W2 and 1099) and one non-working spouse plan to go 50/50 on a new construction STR which will not close until Spring of '25. 

But the most important component of any real estate syndication is inarguably vetting the sponsor and understanding the business plan and how your money will be used during the plan. 

Plan for a long-term buy and hold property.

If so, then you need to do a lot of market research and create a business plan, just like you would with any other business. 

I plan to keep it as a long term rental.

Get a strong pre-qual letter with an investor oriented and experienced lender (some of the best I've met on BP) and have a contingency plan.

In my Oregon market takes 60 to 120 days or more once you submitted plans..

This is not some theoretical plan.