32k or even 42k on a half million dollar house doesn't sound all that good.What's your projected cash flow after all your expenses including a likely higher mortgage payment than the current owners?

They said that kind of project would basically convert the property to an apartment building and requires R6B zoning.

This is not a straight answer to your question but this is an answer for your next project. 

I have $30k to put into the project.

Become a very small private investor in one of their projects.

If your company goal is to buy and hold real estate and develop, I think that will keep you plenty busy and just skip flip projects. 

Take for example the lack of productivity where construction projects often experience time and cost overruns, rework or quality concerns. 

AirDNA's rentalizer tool can provide a detailed cash flow analysis.Investment Potential: Look at historical data and future projections to assess the long-term profitability of your investment.Using these tools and insights from AirDNA can help you make an informed decision about your short-term rental investment. 

If you want to do a little projecting and can see the rents returning back to normal (precovid with normal growth) then now might be a good time to grab one. 

Also, knowing the tech terms for a project benefits u bc guys will know you know SOMETHING about what is involved.