Basically changing the entire inside making it a much nicer living space.  

Rates in the Non QM space are becoming very attractive.

I have an opportunity to construct a mixed-use building with 42 residential units (each around 600 sq. ft. with 1+ bedrooms) and 2 commercial spaces, totaling approximately 42,000 sq. ft.We have a solid understanding of constructing smaller projects, such as 2-4 unit buildings, but this larger scale is new to us.

For a fully stabilized property, there are outlets on smaller loans, but, very limited in the space.

Unlike some people, I believe HOA is good costodian often finances, get volume discounts, do the effort of hiring contractors and maintain common space so in that regard I consider them a value. 

The other 4 (2 beds) would be through a guest room having an additional bed (maybe bunk) and I am a fan of a pullout sofa or trundle in the master if space allows.

This will be my first landlording experience, but after I meet with my architect I should have a better idea of how much space will be available for parking. 

Commercial space rent in the area for similar properties is $3000-$4000/mo but property taxes annually are $25k+, insurance $6k+ and other expenses such as trash, water, heat & electric, etc. 

Does anyone know if applying for 2 existing apartments on 2nd and  3rd floor with commercial space on ground floor in CMX4  zoning requires fire sprinkler system if no construction is needed? 

I've looked at the AirDNA data and Rentometer but there isn't much data in my area for that size of a home, new construction that people are renting in the luxury space as it's nearly a $2M spec.