I have always desired to help in my community but it scares me to this day,  there is some movement in portions of suppressed area but the comps are just not there.  

Few people have that kind of appetite, so typically how these deals work is that the equity portion is syndicated out to investors, but they're equity investors and get a piece of the upside--they're not debt investors.

It really depends on your appetite for risk and your long term REI plans.  

I can tell you that we have extremely low inventory and a limited appetite from our local government to construction significantly more.

In other words, it could reduce the max loan amount if the deal is too thin (not enough profit) for the lender's risk appetite.

It just works for an investor client with lower risk appetite.

An Architect can look out for your best interest in the project plus can bring all the Engineers necessary for the build (Civil, Structural, MEP, Sprinkler/Fire suppression, etc.)As far as the build itself, if it's in an established city or town on a tax lot, then you'll need to go through the design and permitting process, gain zoning approval if necessary, and then build up from there.

Once you get that together you will need to shop several banks as they will all have different appetites, rates and terms.

I'm having a heck of a time finding a lender who has an appetite for our older properties.  

I would shop it to several other local banks that have an appetite for multi-family's under 500k, in your area, and size.