Plus keep in mind they call it Spring Hill for a reason there is a lot of under ground springs and that means a lot of sinkholes.

his target was new to newer investors who frankly just trusted him.the issue he did not make full disclosures as to if he was a principal or not.. the ground partner took in untold millions in rehab funds and pocketed it.. leaving these folks with UN rehabbed homes that they paid to have rehabbed. in some instances he did new construction like this one.. and again the buyers being new simply did not know you don't pay 100% up front for a home that is not built.. so what they got was a bare lot.. and no house and the money gone.this will not end well for those behind this.. there is only so much blame to through around..  

My search for this property was a little over 9 months of pretty extensive area research with boots on the ground.

What are your boots on the ground telling you?

Building ground up for 12% CoC sounds appealing, but that's assuming everything goes absolutely perfectly. 

Even if that is accurate, it seems there is plenty of equity to be had, but we are having trouble securing a loan for a STR.My mom lives on the ground floor of the house and Airbnbs the 2nd floor (with it’s own entrance).

I'm working up a business plan now would love some more thoughts and opinions.1) Who give grants for this kind of thing2) I have checked with zoning, I'm thinking about doing something like a Affordable daycare, Offices for Native American Council (Building does have cultural significance), Grounds for Pow Wows and redo the gym in there for community event. 

We love the city and the market there but one has to have a great team on the ground and proceed with caution.

Metro has seemed to "settle" and has found a middle ground on STR regs and not much has changed over the past few years.

even when I come down to miami we can make the deals work through density and ground up development but when I speak to individual investors without a lot of experience in construction they end up building in columbus not miami because of this exact reason the price point of land is more conducive for a newer investor who even though they may have the cash wants to do something smaller