But the multifamily space is a relationship based business and you have a lot to learn about relationships. 

Established Market : There’s usually a steady demand for renovated properties in established neighborhoods.Both Charlotte and Louisville have neighborhoods ripe for this type of investment.

The wholesaler probably doesn’t believe the deal will close, just wants a contract from you and sellers failure to sell as agreed so he could establish the lost profit due to seller’s non performance and sue for the $15k differential which is easier to win rather than specific performance. 

If you wish for each home/lot to have their own septic tank, counties or city code will usually require a minimum lot size (1/2ac - 1 ac min roughly). 

I believe I have a lot to offer a buyer client with their search.

If they send an estimate over and I think I have a better option, I'll let them know I'd rather send in my resource.There's a lot to cover, so it's tough for a PM have both a deep and broad deck of resources all the time.

I bought here because it is an established STR market with existing regulations.

Plus if you do not have a well established team to get your project finished up before the end of the summer selling season, you may not get the return you were expecting as holding costs and declining values are eating profits.Option 2 sounds like a safer bet, but yes you will have to cover some expenses and may have to carry the property with your own cash until rent prices appreciate enough over the years to cover your mortgage payments. 

Have your father  carve out a part of the property as a single  lot to build on . 

I recommend establishing a thorough and well-structured screening process.