my scenario was a little different I would buy 20 to 80 acre parcels in Oregon and WA.. then log them .. using the skids roads and log landings strategically ( put them were future driveways and house pads would go). then do short plats  4 lots or less.. then sell the lots on contract.. the logs generally paid for the land so we had no debt on the land .. most land buyers took a few years to get to the point they were ready for construction loans..

Will they allow that with a form of construction loan?

I would recommend making a list of what you need, sectioning that into "departments", and getting at least 3 bids for any construction related project. 

Three things stand out from the graph below:New home construction is wildly cyclicalNew home construction really hasn’t grown in 6 decades, butOur population has risen by 150 million over the same time period!

I am skeptical that these properties are ones that I would want to buy and bet that there are a whole host of reasons why they are 1% rule properties. 

Louisville is within six hours of 60% of the country. Tourism is the states number two commodity. This year The Bourbon Trail will generate more revenue than Napa Valley. More to come!

@Andrew CarlsonSounds like she’s running a business and I bet that’s against your lease agreement.

I work for Real Wealth and we offer turnkey and new construction properties.

Your best bet to pricing the unit right is to look at the comps and see how fast they've been renting. 

What I am noticing in the Bay Area is most small multi-family is really old construction around 70-80 years old.