There are several myths that we have to debunk before someone truly believes they can do it.You need millions of dollars to do a dealThat it’s too complicated to figure outThat permitting takes yearsIn those communities developments cost way less (think a couple hundred thousand along with a loan from a regional bank), permitting is not difficult (much less red tape), and the towns are small enough that both the city staff and the local architects and engineers and contractors all work with you to help you navigate the process since you’re all invested in making your community better.Note: The big boys can play in the primary & secondary markets.

Red tape at it's best making things expensive.

This California law eliminates much of the red tape by bypassing environmental reviews and subjective local approvals, creating a faster and more predictable development process.

Labor, supply chain (we are on an island) and red tape: from offers and closing, to funding to permits.  

That is a thought that's in the back of my mind regarding all the red tape you may encounter on the building side.

Your interest rate, on a fixed rate loan, should remain unchanged and your mortgage should not be called due.However you should still confirm that this is the case with your lender (and read your mortgage commitment) out of an abundance of caution and because some loans and programs do require a longer seasoning period.

Depending on the fee schedule and activity this can cost significant transaction fees and always includes some red tape and extra processes to go through.

If part of the property is rentable while renovations are happening, that could help offset carrying costs.Given your construction background, you’ve got a huge advantage in managing the project efficiently—it’s just about getting through the red tape and de-risking the unknowns before pulling the trigger.Have you talked to any local investors or contractors who’ve tackled similar projects in Wicker Park?

I dont have any red tape around what I can discuss.

You can still build two separate homes on the same lot, offering investment flexibility.The streamlined approval process is a huge advantage, cutting out the red tape of lengthy public hearings.