Once it comes out of the ground, that's another story.

The FEMA 50% rule does come into play, but we do a lot of ground-up construction, so some investors that do have some new build/heavy rehab experience are tearing down and building back to current codes.

There are a lot of good posts on here so I would take some time and read the forum so you can hit the ground running.

I've helped a few investors out in Chicago with flips, rentals and ground ups! 

I'm looking in miami florida for sites where we could get the numbers to work and we are getting close maybe in homestead. with that you could continue to pull cash out after it was built. in our market we need about .1 acres and we get land under 60k that the investors buy. the build cost is about 75% of appraised value or a little less. the investor refinances out on a DSCR loan and continues on. this strategy is ground up and it takes advantage of the buyers market for land in our market.

The seller had attempted to buy me out of the deal but ultimately realized they had no legal grounds to back out.

Quote from @Ryan Brown: Quote from @Tim Delaney: Hopefully your lease has "right to quiet enjoyment" clauses which would give you grounds to evict, however if you don't have audio then you will be reliant on the other tenants providing statements or testifying at the eviction hearing.

There is a lot of new things about to break ground.

Love toledo been investing there for 6 years  now have a great team on the ground could not be better.

Do your due diligence now while you have the time, find somebody local in boots on the ground, and make good use of your resources in time available.