Lending was another challenge, lending restrictions were starting to tighten up, and we had to get a bit creative with our lenders to get the financing we needed to close.

Many now and for many years now have had restrictions on rentals. 

High rates are here for at least the medium-term (1-2 years), so deals will have to pencil in this current environment.You may also want to consider hard money for your lending, as they can often fund your construction with far fewer restrictions than a HomeStyle loan.

So we restricted local landlords who rent to families, and soon the town will experience the very real repercussion of no one wanting to rent to families and professionals.

In our experience that is what carries the day along with the area and the STR restrictions or lack thereof(a whole other conversation) that deems the valuations.Airbnb and VRBO have thought of this and are way ahead of it, we scaled quickly using these platforms for two high end STR that book out great, once we established that, we created a direct book website and are slowly pulling our repeats from that.

This restriction limits the number of homes we can build and impacts affordability.If we were approved to develop more 40-50 ft lots, we could build more units and provide a more affordable product. 

I bought a 3 Bedroom SFH in Cahokia Heights, IL on April 2024 and it is STILL NOT RENTED TODAY.I bought for $79k convinced by the Section 8 mentor Tom Cruz to buy from his team and to focus on cashflow vs. appreciationI went through 3 contractors that all did a subpar job and just barely got it all togetherI haven't been able to find an appropriate Property Management team to help on this side of ILI have it listed for rent (Zillow, Turbotenant, Fb, Craigslist) for about 3-4 weeks now since repairs were done.If anyone has any suggestions to get this rented ASAP I would greatly appreciate it and any Property Management connections that can help would be amazing as well.Thank you all for your time and Happy Holidays & Happy New Year Ouch. 

I blindly invested in an overpriced 3BD SFH in Cahokia Heights, IL April 2024 and have been carrying costs since then!

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

Only on the MLS are you restricted to what a seller or agent for the seller have already etched in their mind.