I’d also reach out to the Hancock County Planning Department to get a feel for how flexible they might be on replating and rezoning—better to get ahead early.For renovations, if you don’t have boots on the ground yet, ask for referrals through local investor-friendly agents.

I live in Texas but invest in Oklahoma City and it meets a lot of your criteria!

There was lots of discussion in the department about whether the matter was in fact covered but my opinion ultimately prevailed. 

From there, you can start to analyze markets that meet/exceed your required ROI.Hope this helps...  

I believe that the Federal Reserve is going to cut rates by 25-50 bps at it's September meeting (no emergency cut), but that 30-year fixed rate mortgage rates will rise to upper 6s low 7s around the same time, and Commercial borrowing rates, including for multifamily, will increase as well. 

It reduces the “bouncing ball” effect of tasks being passed between departments. 

They haven't had a meeting since 2018.  

Quote from @Frank Chin: @Matthew SpiegelSome years back, I used to go to the local building or planning departments, and get the information from the local offices directly.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Here is what I know-$250k Strong (my client) = 1/3 = 7.33 Units Each$250k Elena/Investor = 1/3 = 7.33 Units Each$250k Mike/Builder = 1/3 = 7.33 Units Each$250k Investment = Profit $2 to 3.3 million.Purchase $2.2Build Cost $4.1Total Cost $6.3ARV = $12 to 22 millionProfit = $5.7 to $16 millionConstruction to take 18 monthsI am meeting with a lender and the developer, Mike today.