However, the city and developers have been working over the course of four years on plans to move the fleet services building to another location.

I'm certain that the reputation I developed by honest dealings and timely payments with the bank(my primary lender) led to the consummation of that 10 unit deal(which I subsequently refinanced with the same bank about 2 years ago.)Good luck!

Also like you, I am planning to eventually move into small multi-family properties.

If we could eventually move on from the 9-5 we will, but this will be our side business for quite some time. 

Be prepared for TCS to keep at you and offer to take you for less, That's what happened to me, and they eventually went down to $3500.

It's my hope to eventually acquire multiple properties that can support this goal.

He says, on average, his expenses over the years have looked like this:Buying costs are generally 1.5% of the selling price Holding costs (utilities, taxes, etc) are usually 1.5% of the selling priceSelling costs are generally 6.5% of the eventual selling price, after repairsHe projects the months required for rehab work (holding time) with the following formula: Rehab cost per square foot, divided by 10 + 2.5 months to market & sell Do you guys think these numbers are accurate?

have you asked the developer why the project did not get Fannie approved?

I have invested before but I am a Turn-Key Developer.

I always loved it and knew that this is where I would eventually end up.