Or, in most metro areas, you can obtain the list of permits that have been issued, and see who is receiving permits. 

See what is possible thru Special Use or Variance permits.4. 

The permits and architecture was done prior to start.).For most people the finances are the limitation to scale.  

There is a provision in all my contracts that permit me to assign the contract to a newly-formed entity that I control.

Tahoe isn't ideal right now as the local community is vehemently anti-Airbnb and the permitting system is challenging to navigate.

Check with the county and make sure it was permitted.

thanks for the guidance @Kaushik Sarkar Since it's development it will take longer to get to the exit. 3 years could be right depending on the market, if the project requires entitlements, how long it takes for permits, no major utility obstacles, etc.

Could put more pressure on 1c than just inventory or increase in permitting.  

Then progress to permits and then building.You could also just do it and hope the city doesn't notice, which they probably won't.Your challenge will be getting Certificates of Compliance on the units!

Make sure any renovations comply with local regulations and obtain the necessary permits if plumbing changes are involved.