If you're well capitalized and simply want to experiment, either Option may suit you.

My recommendation with that 5 mil play is to pursuit luxury house, this is almost no brainer.

Now, I don't need this thing to make a profit - it's a luxury for me, and we enjoy staying in the winter and having a place that family can all gather - but if I did I would be losing my ***.

Now 10 years later there are luxury apartment & condo buildings, new construction homes, completely renovated homes etc in place of the old run down low income housing.

Property manager recommends Porcelain Tile (states more durable in long term) over luxury vinyl tile/plank.  

If the contractor has no Insurance you are more likely to be drawn into a suit by the injured party,3. an employee of one of the contractors is injured on the job site.  

Not sure if there is a fee or not.Teaching Teens the value of Real Estate InvestingEvent Details:When: Friday, June 21stTime: 10 AM - 2 PMWhere: Total Wealth Academy | 11451 Katy Freeway, Suite 650, Houston, TX 77079

IF I can rezone maybe others will follow suit, or more investors will buy nearby lots and do the same, sky rocketing my property to par with the neighboring SF values that are nearly 3x this lot's.

I can't answer all your questions in depth - some are best suited for your accountant and lawyer- but I will say that there are a number of resources.

The luxury properties can probably absorb more.