It seems they are remobing all the all the greenhouses and it seems that a big construction project.

Guy was getting a hard money loan for property and construction (don't know the details of the loan) only that the bid was accepted in FEB and the lender totally dragged his feet until it finally closed in August. 

I was also thinking maybe find a home for cheap and restoring it for myself with a construction loan.

If Planning does determine the existence of your ground floor unit, it will require you to legalize the unit through the existing Planning code process assuming zoning supports the third unit OR using the new ADU program making your fast track condo conversion a passing dream.With regards, to some of your latter comments and questions:1) Any un-permitted work (including corrections) is not a good idea as a quick compliant from a neighbor can bring an inspector knocking on your door with a NOV especially in the current environment where everyone is SIP.2) Legalizing existing constructed spaces can be hit and miss based on the inspector you get.

I believe new construction loans typically require a 20% down payment so you'll likely need more cash on hand than buying a primary residence.

Here are some highlights that are less well knownCurrent portfolio DSCRVertically integrated property / construction management?

High-quality finishes and construction can increase the ROI. 

One way to achieve more equity is to look at the neighboring markets and growthtriggers see if your area has similar economicsPass performance does not dictate the future Growth factors possibly hyper growth in your neighboring areas new construction amenities I have seen areas jump 10 X in relatively short periods due to multiple factors shopping, dining You owe to yourself to research the possibilities of future equity growth. you can always syndicate your ownership to long term investors to recoup some of your capital. ideal for people look for a write off and have the Ability to wait for appreciation.

Also if you are under construction and your insulation is out then that may contribute to the heat.  

This is unrelated to your zoning discussion , but if you don't mind a slight tangent, could you please expand on why an LLC would be easier to get construction loan?