Gosh, so many questions.
My goal for my current investment is to develop and rent as a long term investment. Not only do we want the income, but we'd like to use part of the new space for our own business purposes.
I've purchased a 1930s home on a .73 acre site zoned neighborhood commercial. So, it can be live work. But the zoning also permits multi-family, straight commercial (service businesses, straight retail, or a mixed use combination of all.
As for how it came about... we were looking for residential flip opportunities in the area and happened on this property the day a FSBO sign went up. Due to the size and zoning, it seems a win/win.
The house has lots of issues and is just 1600 square feet, and the potential for income is of course better by improving the site.
I'm hoping to tap into knowledge on this site. Sadly, all I have to offer right now is the opportunity for others to hone their counseling skills. :) That said, there may be partnership opportunities... and I will definitely need architects, builders, etc.
Thanks for the recommendation on the REIA!