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@Joe SiDue to your high net worth, I recommend that you speak with a fee-only financial planner who is a fiduciary ASAP.

Have you looked at the all 3 variables: zoning,  land use, and housing  element from the general plan only had the true "permitted use" after looking at all 3.I typeivallysee "mixed use" as a land use and PD or PUD as the zoning.The planner of the day can be quite helpful.

I'm a land use planner myself with a focus on the Santa Monica Mountains (you should try our Hillside Development Standards!)

In order to determine this I suggest you conduct a IRR (Internal Rate of Return) test to look at the end result of your investment. if you do not know what an IRR is ask your accountant or financial planner to do one for you.

These people are engineers, architects, or planners that specialize in the development process in your area.

To answer your question about I will provide an example from an investor/financial planners point of view: At 3.875% 30 year fixed FHA the mortgage constant or payment is a factor of 6.993% which means that for every 100,000 you borrow it will cost you an annual cash out flow of 6,993 dollars per year (582.74 per month).

Talk with financial planners, bankers and your clients.  

@Lindsay Broome - you can call your city planner and they will tell you everything that you need to know about the legality of renting them separately.

The two years consisted of negotiations with the land-owners, site tests, city planner meetings, city commission meetings, etc.