Good short summary.I've done several Phase 1s and knew it was important, but the specifics of why it is important was never really clear. 

Quote from @Michael Baum: Did you call the city/county and get the deets?

I'd level up with a BRRRR, live-in flip, or house-hack before jumping into a challenging renovation.

They focus on the bigger picture.

Agree with this post!

If you’ve worked with someone licensed, bonded and insured in the Cleveland area that you would recommend please share.

I had been scouted more times than I can recount to come to CA to apply my skills because the standards I came up in exceed that of CA and most places. 

I’d even consider finishing the basement, just well enough for me to live down there, so I could rent out ALL the units.I’d save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary.

In some cases, federal tax credits like those for low-income housing or economic development might also apply if the project aligns with certain goals.Instead of buying the land outright, developers often lease it from the tribe, which can reduce upfront costs and sometimes come with favorable lease terms.

However, be mindful of the Section 461 business loss limitation, which could restrict your ability to deduct excess losses in a given year, depending on how your rentals are reported.This post does not create a CPA-Client relationship.