First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

This ensures the property performs well even under less-than-ideal circumstances.If a property doesn’t align with your goals, it’s perfectly fine to move on.

I think development is getting more and more common since we're so undersupplied in housing. 

Part of the funds we are taking from a “C” market and will invest in an “A” market thus increasing both our development and monthly cashflow returns.4.  

. - property had TDR trasnferable development rights and can be built 5 stories on it.

How much is typical price to pay someone to develop land?

Quote from @Robert Frazier: It's a banner week for our fledgling development business.

If money were no object, do you have a specific property (whether it's for sale or not) and address that would be an ideal first investment for you?

This caused a lot of developers to leave the city and has caused headaches for landlords.

Cross border taxation is very complicated, most developed countries like the US and Canada have sophisticated systems to ensure their residents pay taxes, and you are not likely to be able to achieve your goal of not paying Canadian taxes on Florida income while a Canadian resident.