If part of the property is rentable while renovations are happening, that could help offset carrying costs.Given your construction background, you’ve got a huge advantage in managing the project efficiently—it’s just about getting through the red tape and de-risking the unknowns before pulling the trigger.Have you talked to any local investors or contractors who’ve tackled similar projects in Wicker Park?

In a previous life I projected managed 54 new builds and have done my own flips to stabilize my own neighborhood.

Make sure to prepare a professional proposal, highlight your STR track record, and be transparent with your financial projections.

I was on a ZBA meeting last week for one of our hotel projects.

houston is probably similar pricing to Columbus Ohio but way worse zoning laws. we take 20% on top as a GC and a guaranteed fee agreement. our contracted new construction projects recently:Single family new build spec home: 1513 square feet with 3 beds 2.5 baths 1 car attached $275000 approx $182 a square foot if calculated using heated square feet which means our cost is $145 a square foot. 3 unit / triplex new construction: 2008 square feet 2 bedrooms 1 bath per unit or total 6 bedrooms 3 bathrooms with 3 off street parking spaces. contracted build cost $395,000. no garage on this and better economies of scale with shared roof, slab, etc. $192 a square foot hard cost with our cost running approximately $157 a square foot. 

I'm looking to identify a builder with the following characteristics:1) Eager to grow his/her company and reputation in the market2) Has produced at least five high quality builds in Arizona which are at least 4K sq ft  3) Has proven track record of completing builds in a timely manner4) Personal capital to allocate to projects (optional, but ideal)Please reach out to me if you or someone you know might fit these criteria. are you set that you want luxury?

This project highlights how purchasing from motivated sellers, making strategic renovations, and selling to retail buyers can lead to successful outcomes.

I am a general contractor but no longer work on other people's projects.

Once you complete your first project, you'll gain experience and confidence!

For a variety of reasons, including keeping this potential project "need-to-know" only right now, I want to get a ballpark estimate with full understanding that the goal posts could move in either direction as the project gets more discrete.