I also do more significant development that takes longer through a fund. 

As there is a general flight to affordability, the new developments don't fill as quickly, and rely on concessions and/or lower asking rents to fill up.  

Here is the BEST way to develop an understanding of the risks and rewards of redeveloping your propertyBEST - Hire a CRE - Counselor of Real Estate to do a complete market analysis.  

•Incoming Market Changes & Local News: Keep an eye on city regulations, new developments, and economic shifts that could impact STR demand.

And are there any other skills I should focus on and develop?

Darrius  Local PM here - happy to help, we have multiple developments that are gearing up to sell in the next 6 months, few small multis and townhouses.

In some cases, federal tax credits like those for low-income housing or economic development might also apply if the project aligns with certain goals.Instead of buying the land outright, developers often lease it from the tribe, which can reduce upfront costs and sometimes come with favorable lease terms.

Purchase price: $75,000 Cash invested: $600,000 Sale price: $269,000This is my largest new build development to date.

It pays to know when to just hire an independent financial advisor and do what you do best.In my 45 years as an active investor across real estate, businesses, commodities, and almost everything else I’ve developed a few “rules” that I believe should never be violated 1.

This knowledge is crucial when planning co-living projects.Engage with Local Authorities: Work with city planners and zoning boards to advocate for more inclusive definitions that accommodate co-living arrangements.Monitor Legal Developments: Keep an eye on legal scholarship and policy discussions that may influence zoning reforms favorable to co-living.By staying informed and proactive, real estate investors can navigate the complexities of zoning laws and contribute to the evolution of housing policies that support diverse living arrangements.For a deeper dive into these discussions, you can read the full articles here:Bloomberg: Why Are Zoning Laws Defining What Constitutes a Family?