Getting started in a small multi-family development

[A G.]

I am a licensed real estate agent and have always been very interested in real estate development. I own 2 rental properties and would like to get into new construction/multi-family for rental. I have a friend who is willing to invest so believe cash/lending wouldn't be a problem.

I recently found a lot (with a fixer home) in a nice area (around 19,000 sq ft) which is zoned as R12. As I understand, it means, I can have close to 5 multi-family units on that lot. The lot also has nice views.

As this is first time, I got bunch of questions I was hoping more experienced members can help with -

1. if the parcel is already zoned properly, how easy is it to get the approval for building.

2. What are the costs that are generally involved in this kind of situation? (demolishing the existing structure, site preperation, avg cost of multi family home).

3. We are consider condo vs row houses vs town homes. Pros/cons of each.

Thanks in advance for any help/guidance you can provide.

[Seth Borman]

Some cities will help informally, others will want you to pay them for your predevelopment meeting.

An architect can help you understand what can and can't be built on your site given the legal and practical constraints placed on it.