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Condo Conversion

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Real Estate Agent with Champions Real Estate Services

I am working on a condo conversion currently.  Everything is going pretty smooth so far, but you never know what might happen.  This is a project that I am an investor in as well as the agent.  My questions pertain to the investor's side of the transaction.

Has anyone out there completed a project like this and what are some of the items that might pop up and ruin the return on investment?
I figure I can complete some of the repairs/upgrades as this is a slow time in the market to help save some money for those items that end up being more than expected.  Are there other ways to improve the return on investment?