I ended up unloading my entire portfolio and today I invest $5K each month as a member of the co-investing club.

They recommended a local lumber yard selling RTA. 

Lumber tripled in price.  

Then hiring people to unload.

Here's an example:A few years ago a bank draw inspector tripped over some lumber while inspecting the framing of a new construction project I was working on.

This is because lumber, rough mechanicals, site work costs don't vary much whether its entry level or higher end housing besides likely using engineered instead of dimensional lumber assuming larger homes with wider spans.More to your point about building multi-family, in Philadelphia I am finding it more and more challenging to build multi-family housing.

I've never actually seen a pre-hung door with lumber below the transition piece. 

If the builder has been cutoff of credit at the local building supply store (84 Lumber/Tyndalls) and is on a cash only basis then stay away from them.

If this loan is in California, there's a 99.9% chance it's unenforceable with CA's new Jr Lien law, which is likely why the note holder is trying to unload it before the borrower stops paying and the note becomes worthless.- borrowers are already in distressI wouldnt go anywhere near this, especially because I do not and will not conduct business in CA (I see you're based in CA).

Quote from @Jules Aton: With the knowledge and experience you have gained what about unloading them and starting with a few doors in better neighborhoods?