Chris answer is spot on.I'll add "quick closing".You won't find investors easily, you have to go to a lot of meetups to build them.

The drawback is you need to build trust and relationships upfront.Both have their place, but private money tends to offer more flexibility, while hard money is more structured and accessible if you lack personal connections.

This is the reason homes are so much cheaper than cost to build.

The seller has the two lots legally separated, but due to deed restriction imposed by the subdivision development, found that building a house on the “tennis court” lot was not allowable. 

Is this a new build?  

But if you/your team like to spend some time building your own flow, feel like it's better to build it on go high level directly. 

Keep in mind that only the "building basis" can be segregated and will benefit from accelerated depreciation.

An example might be a commercial tenant with 50% of the space in a building sends an after-letter notice that it now plans to vacate at the end of its lease term in 6 months.

And your net worth will thank you.If you still want to go ahead, you'd be better off buying a house than an apartment because, while the value of the building itself will go to 0, you'll still have the value of the land, bearing in mind that the land might actually lose value too given the depopulation and the yen depreciation.Sorry if I'm pooping a party but make sure you understand what you're getting into (which you're already doing by asking the forum) and then make the decision that's right for you according to your objectives.

Then as you build your portfolio look to hire a new Tax Accountant or CPA to match your growing needs.