I'd recommend looking at costs. your build cost is going to be well over other homes because of the fixed costs like slab, Hvac, roof, etc. check the market drivers and weight the benefits of short term versus long term. long term is no furniture and help pays mortgage but at this size it doesn't really cover everything. we didn't find a lot of economies of scale in single family detached. can you build more than one unit?

If it’s dead weight, it goes."

Would the value of the remodel increase the rents or the selling price that would out weight the cost? 

I am in the Tampa Florida market and they make a killing here and are worth their weight in gold to the owners of the community.  

But here are ways to reduce capital gains taxes:Deduct expenses (renovation, selling costs) in 2024 to offset gains.Hold for 1+ year to qualify for lower long-term capital gains tax rates.Invest in a Qualified Opportunity Fund (QOF) to defer taxes.Use tax-loss harvesting to offset gains with investment losses.Pushing 2024 deductions to 2025 won’t help much with 2024 capital gains.

I only wanted to clarify that almost everyone who mentions their equity means “cash after paying off their loan”, not their gain.

•Our company has proprietary AI models designed to accurately assess listing quality through images, which would power this feature.2.Smart Weighting:•Automatically weigh comps based on their reliability.

you need to dodge capital gains and foreign buyer tax.. you should consult a tax expert..If I was in this situation I would just sell (not advice) and buy a cash flowing mobile home park in the midwest

You will both incur long term capital gains. 

You may want to see if each partner has enough passive loss carryforward to offset the gain.