Focus on areas with sustainable taxes and long-term rental demand, targeting groups like college students, young professionals, or travel nurses.

It all started when my wife's college friend offered me an opportunity to invest in a commercial property.

Legal Implications & Ramifications : As an example; the iconic PCH homes in Malibu and many in the upper foothills might not permitted to build back, certainly not to the same extent or materials.

Also if this property is on septic that also can throw a wrench into the ability to call a space "a bedroom" as septic systems are sized and permitted based on the bedrooms.

When I was in college, my landlord would just walk into the house uninvited without even knocking.

Before you sign anything, definitley pin down the timeline for permitting and building.

As a realtor, investor, and owner of a construction company in College Station, Texas, I understand the importance of having trustworthy and efficient workers.

Insurance- coverage for new engineering, permitting, etc8.  

Some may require a waiting period of one to two years before leasing is permitted, while others may prohibit rentals entirely as outlined in their bylaws.Always know the property’s potential for annual rental income and ensure the numbers work.

Alternatively, you could consider seller financing, which could provide you with a steady income stream while selling the property.As a real estate investor, realtor, and owner of a construction company near Texas A&M (College Station/Bryan,) I'm happy to help in any way I can.