The new homes will be mostly built in the burbs, and I expect as we move forward outside of many city limits or in smaller cities where the builders can control the narrative with less regulations, less inspections, less red tape, lower requirements.Due to the number of people moving though, we'll see some urban infill as well I expect. 

First, are you sure its a zoning variance you need and not merely a use permit? 

Any red flags ?

Some red flags to watch for are inconsistent fonts, blurry text, or mismatched information across pages.

Local Legislation: Do you keep a close eye on local regulations, especially around zoning and short-term rentals?

The county is the second fastest-growing in the U.S. and the fastest in North Carolina.The zoning for the project is already approved, and with our captive audience of potential tenants, I’m confident that all units will be leased upon completion.I’m seeking advice on how to best structure this debt with a private investor or investors in the short term until the property is fully rented and long-term financing is secured.

There is no reason they shouldn't advertise the unit prior to it being vacant unless they have no idea of the current condition, which is its own red flag. 

@Dan DeGroff - I think you can probably do this as a primary residence since the scenario makes sense (e.g. you travel to Aspen for work during ski season), however, there are some major red flags here that you will need to explain and support during underwriting (e.g.

How do you typically evaluate LTV ratios when deciding on funding, and do you have a specific comfort zone in terms of percentage or property type that you prefer to stay within?

IMO a bigger red flag would be poor record keeping on expenses and other documentation that would indicate property condition.Anyway, you're ultimately purchasing the income stream that *you* can achieve, not what the seller achieved.