Selling a dream in LA

[Michael Lazzaro]

I just got into contract on a smokin hawt duplex deal in North East LA, literally. There was a fire in that according to permits "burnt less than 10% of the structure." Up the street is million plus dollar houses but I scored this deal for $660k, which half my monthly payment should be paid with one unit rented out with just paint. My plan since I want to learn more about the joys of dealing with city planning is to sell the dream. Aka get approved permits for something that is modern and has as many units as the law will allow. Its zoned LARD2. From my research I should be able to add a second story, ADU, and Jr ADU to convert the duplex into a foe four plex. I want to get plans approved and then hunt for funding to actually build or sell the dream. Poke holes in this plan? What should I watch out for?