Always require the borrower to obtain property insurance or builders risk insurance to protect you from unforeseen events.

I hope you've got liability insurance because one tiny unforeseen accident can wipe you out financially if you don't.

Don't stress about unforeseen things that make you adjust your course.

Still, there's the risk of the unforeseen.

It makes you more loanable and provides a cushion for unforeseen situations which is inevitable in real estate, especially going into a recession. 

What if something goes wrong in your life and you can't afford the $2k a month due to unforeseen issues?

@Kevin Danikowski the unforeseen risk is that you're hitching your wagon to an already existing business.

You will need to get a 12 month average each year so you are not paying a partial of their utilities.Next time you purchase a rental make sure you have enough reserve funds to cover issues that are unforeseen.  

Make sure to build in a buffer for unexpected expenses or market fluctuations.Consider conducting a market analysis to ensure your projected sale prices align with current market trends in the Niagara Region.Timeline:Your estimated timeline of 12-15 months sounds reasonable, but it's essential to factor in potential delays such as weather, regulatory approvals, or unforeseen construction issues.Legal and Zoning Considerations:Given the change in land use (from a single vacant lot to multiple building lots), it's crucial to understand and comply with local zoning regulations.

Your turns may also be longer than expected, due to the fact that your craftsman for this trade [s ] may not show up on time day wise, meaning they could be three days later nine days late, and they may not finish on time due to unforeseen circumstances.