There's also a detached two-car garage and workshop.It exists in kind of a twilight zone between commercial and residential. 

The idea is to convert a multi-family building into condos; but not in the traditional sense where you separate pre-existing apartments into their own condos; but in a way where you combine the common areas of all of the apartments in that whole building, and turn the individual rooms within those apartments into condos themselves; thus transforming the hallways, kitchens, bathrooms, living rooms, dining rooms, porches, balconies into common areas of the condos. 

"I have a very simple criteria for when an area is gentrifying as opposed to just generally improving: If it makes economic sense to buy (at market price) and tear down an existing structure in order to build and immediately sell a new building, then the area is gentrifying.

Very challenging if not impossible to make lot ratios work if the existing property isn't conducive. 

The two existing LTR units (on my family’s property) were built 5–8 years ago at a cost of about $80,000 per unit, so I’m estimating a 20% increase in costs for the new builds.My plan is to use the equity in the land as the down payment for the construction loan, which I expect will make closing costs the primary upfront expense.

All have existing houses on.

They work, live legally, yes there existence is an illegal one but reality is deporting them, separating US born kids, it's a mess and for no real positive because they are decent legal acting people. 

What types of organizations are you working with in your master lease agreement for your existing properties?

Plenty exist for private lenders (which is what seller financing is) and can track payments and am tables and also do automatic electronic withdrawal (ACH debit) which helps improve the likelihood of getting paid promptly each month.

This is virtually non-existent with SFH's but is commonplace with 2+ units.