I understand this can take a very long time.... 

I understand that means paying the right professional for their services. 

Seems like the few people I talked to that are selling land in Florida are trying to sell it above retail without understanding that most of their potential buyers are going to be builders. do Not buy land in FLA without doing full due diligence  on all aspects . there are environmental gotchas that you need to fully suss out prior to waiving due diligence

If people want an area to build with understanding day 1 may not cash flow but in 10 years you will be in a really good spot the area I believe is perfect for that.

It gives you better control over the process and helps you really understand the market.

To pick a location, I understand I want to evaluate median income, a large population of those approaching retirement age, and a decently dense population.

In the cities the government got involved in housing and low income housing was built for poor people.

I'm getting a contractor/ structural engineer to come by and help me draw estimates and understand how serious these issues are.

A bit strange that you leased the commercial spaces knowing you would be pursuing a conversion but understand the objective of taking out your capital partner and I see in your follow up post the relocation language so you clearly thought through the transitional phase.

Can be a good strategy, but my understanding is BRRRR is generally dependent on refinancing and pulling back that cash invested to repeat the next one