Building and then renting a 20,000' warehouse to marijuana growers. $110/s.f. to build and a 10% return.

These are the house stats: ¼ Acre LotCity Water and SewerFull Basement1500 Square FeetOpen concept living roomFinished will have 2 full baths, 3 bedroomsFinished bonus room in basement Was used as a bedroom but doesn’t have the proper egressFenced in backyardCan lighting in all bedrooms, living room, and kitchenNo garage, paved driveway fits 4 medium sized carsSquare Footage:Basement: 938 sfIst Floor: 844 sf2nd Floor: 533 sfFinalizing the Flip would require: Mounting and finishing drywall on first and second floorFinishing the partially roughed in bathroom on first floor Water supplies are ready just under the floorboardsSewer outlet is just under bathroom, PVC drains need to be roughed inElectrical wire is run from the panel to bathroom fan, lighting, and outletBathroom fan/light is installed, needs duct added to vent outsideNeeds greenboard drywall, flooring, toilet, vanity, shower/tub surround4 doors for first floor bathrooms and three bedrooms4 closet doors, 1 for first floor coat closet, and 3 for bedroom closetsFirst floor bedroom Subfloor replacement in first floor bedroom (some original floor boards are weak)Connection of electrical outlets - conduit roughed in but needs to be connected to panelDrywall mounted, finished, and painted throughoutFlooring throughout except for kitchen, I suggest tile in front entryway into first floor bathroom, laminate in open concept living room up to the kitchen, carpet the rest.Minor drywall patching and painting in Kitchen and basement bathroomTrim/baseboards installed and painted around all doors, bottom of drywall, and windowsProper railing for both stairwaysPower wash sidingMinor landscaping, just needs some mulch in beds and some minor weeding in flower beds.Two fence panels replaced in back yardBasement bathroom needs minor touch-ups on grout and caulking Other issues that may need addressing or could just be disclosed upon sale: Two minor basement leaks only when there is a TON of rain, otherwise basement is dryWarped siding in backyard where grill used to be, could be replacedSmall area of cracked siding on front of house at end of drivewayDriveway isn’t in the best condition, some patching may make it look betterAll work done on house has not been permitted except for siding and roofPlumbing Ventilation isn’t 100% to code and may come up in an inspection Side notes: When I lived there, people didn’t believe my address was real when getting deliveries because of the marijuana culture around the number 420 and the street name of Highmoor, maybe there is play here selling to someone that is into that stuff?

In general, way beyond normal moisture (dankness - I don't mean marijuana either) smell would worry me.  

There's a peculiar amount of oversharing here. 

I have spoken with a few people I work with who have had primary residences that they have turned into rentals. 2 of the 3 have had major issues, one to include a marijuana grow in the basement.

Nevada will be voting in November to legalize marijuana usage for any one over 21 years of age and looking at Colorado and the HUGE tax/business benefits it has brought to them.

One of the peculiarities of an assignment contract is that everyone knows your fee.

As for the party on the 3rd floor, if they are breaking the lease by having unsanctioned pets, you can move to evict as well.As far as the weed goes, this is becoming a difficult grey area for me, as 'medical marijuana' is legal and getting a card seems to be trivial.

I've been looking at doing a little more in the stock market (i.e. options, new IPO's, robotics, lithium, Marijuana related investments, etc) as I've done quite well during the past 6 to 7 years.

That's why I want to do things by the book and want to rely on the expertise of other knowledgeable investors that may have some insight as to this peculiar situation.