Obviously, I am not aware of your level of placement experience so I am not saying you can or cannot do it yourself, I only wish to provide additional insight.

There's a reason that most lenders don't offer construction loans, they take more management, and have higher risk than loans on completed houses for obvious reasons. 

Also easier to get them out.Might be a slew of reasons why you want to get out of it just didn't see obvious ones from the original post.

@Kevin Bain If you are looking to wholesale this deal remember you have to then subtract your wholesale fee from the breakdown that @Recia Davis provided.Not a deal obviously, but that is why BP is great.

Sounds obvious, but there are a lot of "deals" out there that once you crunch the numbers, they don't really make money. 2.

After your drive by is there anything that will put up red flags other than an obvious dilapidation?

Cap rates of 6-12% seem to float around.Then, as far as buying a business, it is common to buy in multiples of earnings, ie. 2x-5x earnings, or more or less depending on the industry.Now, I was once looking to buy a convenience store (franchise) and it seemed as if I'd be buying around 2.5 times earnings, so higher than a 6-12% cap rate, but obviously that makes sense because it is much more work than a semi-passive apartment complex with a manager, or something along those lines.

Insurance and taxes are specific to each situation and will be the same regardless of interest rate etc so I leave those out of my calculations...even though they obviously will have to be paid directly by you or added into your payment.  

I did go to interview and I was lavished with praise about how wonderful I was, how obvious it was that I had what it takes, etc, etc.  

Obviously, no one needing a 3/1 would bother.