Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Going DIY and self-managing this type of asset from another state may not be an easy task for such a building and neighborhood, it needs more attention (and probably capital).Try an unconventional approach.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Is it best to approach an architect or a land developer for what I am proposing?

I would suggest approaching the borrower on an accelerated pay out with an incentive.

@Elvon Bowman Thinking big is important, but it's also helpful to take a practical approach. 

I’m considering countering with a price closer to the market value, but I’m curious how others approach deals like this.Looking forward to hearing your thoughts!

At the price point you qualify for, I'd be looking at a more landlord friendly state with more approachable price points.

Keep detailed records of income, expenses, and improvements, and choose the right filing approach based on your comfort level with these rules.This post does not create a CPA-Client relationship.

Rental arbitrage can be a great way to start with Airbnb if approached carefully.