While the initial years might not be financially lucrative, the knowledge and skills you acquire will be invaluable.

The pro development and affordable housing advocates use the term NIMBY, but I suspect it is the rare person that buys in a single family zoned area that would be thrilled to have 17 units (qp16 additional units added) in the lot next to them.My initial protege was the land source on this effort.  

Initiating the ConversationThe key to approaching a non-profit is to be respectful, patient, and aligned with their mission.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Verifying last 2 years of rental history very important!

Verifying last 2 years of rental history very important!

I've had a long career in community development and have a lot of bank contacts that would likely be interested in investing, but I'd need to prove the concept first with an initial fund (there are also a lot of other community development tools that could be leveraged to maximize and scale this).

Initially, we wanted to  have the loan under my wife's name only but my the loan officer from the builder's lending arm told us that if I am in the buyer, the RE Agent and the mortgagor (in the loan), I could use my agent commission towards closing costs and down payment.

It is about an 11% yearly return on my initial investment.