Don't forget you need the original developer's permission to conduct structural changes to the villa inside and out.

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

I'd build up and go for at least 2 units but 3 stories is better. 3 story walk up apartments account for almost 65% of apartment developments round he country. this is what I'd recommend on your lot. this is 35' tall and we do it in columbus oh 

They seem to be in development and backordered for years. 

Most of the people that I know that seem to have high net worth you just kind of develop it more accident than on purpose.

For the community development dept, you'll need proper plans (architect), site survey, permits, etc. when you're ready. 

There are/were developments going on last I was out there but not enough for me to want to pursue it at this time.

On larger deals, I've actually seen LTVs come down in the 50%-65% range, depending on the type of property/experience of the developer.

Hi Lynette, I'm a Managing Partner at a company that does Full-scale flipping, lending, development, and portfolio acquisition, amongst other things! 

@Mark Cruse  We've owned condo units in a development where the first build units included heat and hot water in the condo fee, among other charges.