can it be done?
situation: I have found a university town with a student pop at around 18,000. there is a shortage of housing of about 3,000. there is such a shortage that students are getting extended stays at the nearby holiday inn. I have found a 65 acre plot of land in the area for 5mil. I have no developing experience but I have a vision, a group of sponsors in NY with loads of cash and a goal to make a ton of money that is almost guaranteed given the prospectus. If I have the financial backing and team up with a group of experienced developers in that area can this be a realized dream? The goal for me would be to obtain the land and then build 50-60 units at first and then gradually expand. I want to be the liason between the investors and the construction but if I have little experience in that field how do I not get taken advantage of in the budget- do I reward partial ownership for efficiency on their part? the exit plan is that there isnt one. I would like to build this complex up and hold onto it for the long haul collecting rents that would be awesome to any investor. thanks for any input.