I could never buy land in brickell it's more than 300 million per acre. but in columbus I can buy an infill lot for 40-60k within 1mile of Downtown Columbus. we looked at hundreds of Floorplans and found that 2 bedrooms seemed to be better than 1 and we wanted a tight compact floorplan that could get high rents. rents are higher Downtown Columbus and property values are higher Downtown Columbus by more than 40%. after that we wanted 4 units but it was commercial so we stuck to 3 units because it's residential. in February of 2024 we submitted our first design of a stacked triplex that is 2 beds 1 bath. after design changes, we now have about 7 approved in our market. all of the underwriting of banks is based on long term rentals.

You will also need to have a US Bank account.  

Our bank will let us use equity that exceeds 25% across multiple properties that are either owned free and clear or where they hold the first so long as the deal still cash flows with however much cash is brought to the table.

An appraiser is not going to use single family homes on the appraisal if they do the bank/lenders Underwriter 100% will ask for more comps that are mobile/manufactured to be compared to subject property.

This is the structure we were looking at which is more of a subsidiary structure and this applies to raw land development: 📌 Structuring Plan1️⃣ Set up a QOF to raise capital from investors.2️⃣ Create a QOZB to handle hotel & parking development (each separate land parcels).3️⃣ QOF owns the land & funds QOZB for development.4️⃣ Raise capital through QOF equity, bank loans, or JV partners.5️⃣ Develop the projects & operate for 10+ years for tax-free gains.

@Randy Fitzgibbons - I'd recommend going with contractors who have experience with deals like this AND have experience working with banks/lenders for 203K rehab deals.

They should pay just like someone on a regular lease pays - cash or equivalent into your bank account. 

Bonnie is spot on—you don't always need traditional bank financing for your investments.

As a PMC, we allow tenants to:1) Mail in rent (we charge a Processing Fee)2) Deposit at our bank (we charge a Processing Fee, but less than the mailing one)3) Use Zelle, Venmo, etc. 

Why not use bank debt or alternative lender debt if you don't qualify yet for bank originated debt?