The problem is affordability, and that will eventually correct itself once lending becomes less stifling.

Not sure how far you are from Chicago proper, but the ULI (Urban Land Institute) is a global group with chapters in most big cities. 

@Andrew Steffens not sure where you're getting your data but the Boise market has not crashed.

Oh - and if you haven't yet- be sure to setup some "Keyword Alerts."

Sure, there are rules and whatnot, but that's the gist.So... if are involved with the business from a day to day perspective, and if you have a profit motive, then this is no different than selling used copiers or being a consultant.Speak to a qualified tax pro to help understand the rules so you know how to position your facts.

It sure does feel like it on my end.I feel like investors believe they are getting a better deal going down the DIY route, rather than purchasing turnkey.Why has the concept of turnkey lost it's value and pizzaz?

I'm just not sure which route I should take to start building an empire.

If they can't figure out their issues, don't renew and find new renters.If one of them wants to rent alone, check their financials to confirm they can afford the rent alone.

For most lenders it typically requires having at least 1-2 builds previously completed, but I'm sure there are other options if it happens to be your first.

Your post makes it seem like you are sure you made all the right choices, but gosh darnit, the market is the problem and you and your partner aren't to blame.