They are zoning and land use regulations, accessibility, environmental factors, market analysis, topography and terrain, utilities and services, neighbourhood characteristics, restrictions and opportunities, development feasibility, financial analysis etcetera.

On another note, you have some fairly restrictive laws regarding private lending, consumer protection (seller financing to an owner occupant) and loan servicing in CA state so make sure you are allowed to do this on your own and understand the licensure requirements to lend, broker loans, and service them as well.

And there are strict loan covenants  that require doing on going work with Naca  deed restrictions on when you can sell etc etc. 

It was owned by the state highway department and was originally bought to put in a limited access highway interchange. 

They have restrictions in place that place limits on days per year, occupancy, etc- but it's still doable (& profitable). 

This refinance would potentially allow you to pay off the construction loan and potentially access additional funds to build more units.The new loan amount after the cash-out refinance will be based on the current appraised value of the entire property, including the new construction.

@Aaron Laprade I like my area for this but you have to look at STR restrictions that a few of the towns are putting in place.

I'm a out of state investor, opened up an LLC. bought property in this LLC Free & Clear and now need money out of these property to pay off some loans and bank is telling me that after Covid they are not giving mo...

However, the "restrictions placed by NAR" hampered that.I recall one company tried doing that with not offering an broker comp. 

You can access equity of current primary by a Home Equity Line of Credit (HELOC) or refinance.