Start with a smaller project on my own (300-400 total cost with 450-500 ARV)- I would need to learn new markets and manage the risk of rehab on my own (I can borrow my friends contractor so this may not be as bad of an issue) - There's more competition at that price point- I would be able to start and finish quicker (hopefully) and get actual flip experience under my beltI'm currently casting a wide net for deals at both price points and I'm very eager to get started (I've committed to doing real estate full time).

Theresa, Thank you for the quick reply.The management company didn't know about the issue with the gas company when we handed them the documents from the gas company.He has not called the gas company regarding this issue.

That is exactly the issue that I am considering.

Possibly selling a townhouse with HOA issues that will leave me with some profit.

Have to check with your local laws on any permitting that is required to do this.  

There is a good chance if you do not have (5) total meters I have seen garage conversions (with a pulled permit) not get classified as a 5 unit or commercial.

Squatters, insurance hikes, zoning changes, supply chain issues ..... 

@Michael Willis, Hey Mike,  I just did a quick scan of some old posts and as of a year ago the company was issuing K-1s which indicates that there is an entity that owns the land/project and the investors have an interest in the entity. 

I'm aware that there are individuals who think strategically and possess a deep understanding of these complex issues.

Another option is a GC with at least 2-3 completed GUC projects who is a signer on the loan and willing to make a personal guaranty.Liquidity - often you will need to pay your contractors and then go through the reimbursement process.Land Purchase – harder to find lenders to purchase the land, which you need to get rezoned, cleared, permitted… all the horizontal costs BEFORE you go to a construction loan.