Sub 2 is a great tool, but having a couple of different tools in your tool belt will help you navigate different scenarios!

My network includes experienced professionals who can help you navigate this challenging landscape.All the best,Logan Winnloganwinn.com

This includes having a clear understanding of holding costs, financing options, and potential rental income once the property is ready.Your current realtor’s local expertise will be invaluable as you navigate these challenges.

I know it needs a few things (bathroom size) revised to make it code compliant, and I will need an architect to help navigate zoning (another thing we don't do in Houston :D), site plans, elevation aesthetics and local requirements. 

@Miles Dirmann learn to filter out responses from those with something to sell and those that are good operators trying to help as you navigate your journey on BP, in RE meetups, etc.

We've set aside some capital specifically for investments and are now seeking guidance, mentorship, and possible partnerships to help us navigate this exciting but unfamiliar terrain. 

Sure, you could definitely use those website to help.. but you really need an investor friendly agent that can be your boots on the ground to also help you navigate the trends and stats.

It’s crucial to have a solid agreement to mitigate these risks.The Ugly: Without clear agreements, co-ownership can lead to legal battles, credit issues, and potential loss of property.By carefully planning and seeking professional advice, you can navigate this situation effectively and find a solution that works for you and your family. 

- Have any of you successfully navigated both strategies, and if so, what lessons did you learn?

It's a point worth considering as you navigate your investment decisions.That said, investing in these regions holds great promise.