Yep sounds motivated, hope the price reflects that as well.

The commercial developers are all building Class A rental properties which that market is close to being overbuilt I believe and has the potential for saturation.As for my exit strategy, with these I am really building these for my own portfolio and as a template to do this in a few other areas of Houston I have identified where this should work.My construction costs are based on current market & trade prices for rental grade but as you said, these are all subject to market conditions and these numbers do not reflect a 10-12% contingency I add to the budget when doing new construction but I try and identify as best as I can a true to dollar, cost per sq. foot minus all fluff.

To the OP, your number one and two can be yes, it depends on how your structure your deals, you don't have to use your money.As to consideration, in RE contracts the good faith evidence and the value is reflected in the earnest money deposit more so than other types of contracts dealing in smaller values with personal property.

And the presentation to me feels a bit plastic.I would absolutely use some images that actively reflect what you are saying.  

His investing reflects him!

I know he's out of the building, but he's right.What most non-business types don't get, is that in our society and economic system, transactions are deemed to be fair when consideration given reflects the true value and that the fees added are based on the value of the service rendered, not some figure pulled out of thin air as to what you may have someone agree to pay.

He is super motivated and the MLS listing price reflects that already.

I say that not to discourage you, but to give you something to reflect on when you get discouraged when things don’t easily fall into place.

I believe this is a reflection of my leniency and ability to work with him.

Of concern is that since our w-2s don't reflect 2 years of landlording experience we still will be carrying our other mortgages in our debt ratios so until that income starts to count it may be increasingly difficult to fit another 1 or 2 homes within the debt ratios if we go the conventional route.Thanks,Raky