Condo's typically are cheaper entries but have additional HOA costs which usually eat profits. 

They are much riskier and most often lower in profitability.

Paying 12% would wipe out most profit for me

You need to think/act fast so that you do not have deeper issues on the construction side to the point that you start to lose on profits or cannot get the deal sold and lose all your money.1.

Find out more Sep 9-10 when the non-profit US Hemp Building Foundation hosts HempBuild 2021, an online conference with dozens of speakers to educate and inform on this exciting new green-building industry. 

I do not really care about making profit.

In the event that the activity is determined to be dealing inventory by the IRS, the total taxes on the profit are high...

There are a ton of builders right now in South Florida as that is where the profit is at.

Example:-------------------Tenant A - Grandma Millie's Sewing ShopBeen in business 1 year, decently profitable, signs 5 year lease.Rent = $60,000/yearTenant B - Eye Doctor office.Been in business 5 years, quite profitable, signs 5 year lease.Rent = $55,000/yearTenant C - Subway5 year leaseRent = $50,000/year-------------------If I assign the following Cap Rates, I get these building values:Tenant A / 10% cap rate60k/.1 = $600,000Tenant B / 8.5% cap rate55k/.085= $647,000Tenant C / 7% cap rate50k/.07 = $714,000(or even $45k at 6% cap rate = $750k)-------------------I just made up all of these numbers.  

I've been a RE developer for nearly 20 years and I guide ordinary people to redevelop communities in an impactful and profitable way.