Multifamily Development - Nevada

[Tim Davis]

Issue 1: I own a 1.3 ac commercial parcel in Fallon, NV which has zero inventory available and desperate for housing. I am planning either a 3-story 27 unit apartment building OR if I can purchase the combined 0.8ac parcels on each side of me, construct a gated condo community with end to end road access. One owner is a wealthy casino owner who collects land and may consider selling but for way more than its worth. He paid for it back in late 90s. His break even number may not feasible to me. The other side is a closed laundromat with building and approach that would work perfect. The real gem is that utilities for a laundromat is behind the curb and could work as my utilities. This would save a ton on running them in from the street. The owner paid $150k in 2003 and was an operating business. Now is .14 acres and worth maybe $30k. We cant agree on a price or terms yet. 

Question 1: Whats a good creative way to get them to sell these lots either outright or as a short term investor and can buy them out when the construction loans turns to mortgage? Open to any options

Issue 2: I'm a building inspector and a residential property landlord. I can inspect it and pay someone to manage it but I am on a steep learning curve for building it. I have a business plan, positive feasibility, relationship with a number of contractors and even the city officials. I still need to find investors and probably one partner.

Question 2: What is next step here...architect? Or do I want to take a general concept and start working on getting the funding under way? I ask cause an architect costs money and Im not rich. Yet a bank needs more than basic concept. I want to make sure this process happens in the right order, so i dont lose my *** and instead have a beautiful income producing asset. There's all sorts of videos and books that say do this and do that but Im convinced if you spend a ton of time on telling people how to do it, then your probably not doing it. Those who cant do, teach. 

Thanks

Tim