At this point I'm trying to figure if I should try to bring in an experienced partner to de-risk this build out or scrap the plan altogether and sell. 

A lot of loans require that you already own the land outright before they will provide funding but there are tons of different options.Once you have the funding piece figured out, I would discuss with a builder and try to price it out.

I quit my job 2022, live off rental income and we house hack a large 3 level house with rents totally covering mortgage.She has excellent credit and six figure yearly income.

Figure this property and your family situation first, then you can worry about buying properties (imo).Best of luck to you and I'm so sorry again for your loss. 

Thank you in advancehttps://www.zillow.com/homedetails/1541-Lower-English-Creek-...This is an easy one to figure outFirst, let me say the property and improvements look beautiful - you did a great job.Cap rates are determined as PASSIVE investments - so AFTER property management fees.  

You just have to figure out how to get in the door early enough. 

In Manhattan, these buyouts can be 7 figures.

It does later say in the agreement that it is:"binding upon persons who own, lease, sublease, or occupy any parcel or portion thereof"The inclusion of which seems to imply that long term renting and/or subleasing would NOT be commercial use.I'm trying to figure out if I'm taking a significant risk buying this property for use as an STR.

------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If that is still not enough you may need to figure out a way to get rid of the car payment.