2- Can I build a condo building potentially? 

The more time you spend on administrative tasks coordinating with multiple service providers, the less time you get to spend on managing your properties, finding new potential investments and increasing your financial returns.Tax strategies and property insurance are two areas that are highly customizable because no two portfolios are identical.

If you think bay area, you should think of (potential) appreciation.

The bigger it grows the larger the potential for someone to cry foul, and the hammer comes down.

The only people that are potentially bothered are the busy business executive type or, generally, people who are time poor but I don't think that's gonna be your clientele anyway.2.

A nice potential boost for downtown Louisville. 

Unfortunately, we can’t do this for another 200 days due to FHA restrictions.Exploring AlternativesOne potential solution I’ve considered is working with a private lender.

If you value simplicity and consistent income over high appreciation potential, this might align well with your goals.

You have less control with a property like this when compared to other asset classes.The upside here is that it seems there is room for negotiation because of the below-market rent tenants.If you're looking to put down $200-250K, I would recommend looking into a multifamily property, especially one with additional income potential. 

I'd love to utilize their expertise when assessing a property since they are local but I'm not sure what the general expectation is when I don't have a tangible property and I have not entered into contract to work with them yet.Some questions I have are: local regulations/permitting timeline, property's potential from their perspective, landscaping/amenities cost estimate (they also help facilitate this).