We are going to reuse an existing door.

This is after the HOA in existence 10-15 years. 

It's hard to do business when a personal relationship exists.

The existing system is pretty old cast iron except some ABS pipe towards the front of the property before going into the street.

If you think rates will be consistent for the next couple of years and you'll have consistent deal flow to use the funds I would tend towards doing a cash-out refi on the existing property that you own free and clear. 

Im interested in knowing the process on possibly converting existing garage/mechanic shop space into restaurant space.

Because yr 1 is on unimproved land basis.Any existing property with a BIG property tax increase SCREAMS "Special Assessment".

Chris:Thanks for the Heads-Up, I was not getting much information about this certification, or if it even existed.

Here are some actions to get you going:Investigate markets that could exist outside of New York.

If you're planning to buy and hold, then you'll have to check with the city and/or county to see what restrictions (if any) exist for that piece of land.