Id like to put a HELOC on it or redelop it after a few years, the whole points of purchase is this is a booming downtown area lot of development rights etc, dont want to be in a financial structure that banks will frown upon. 

The “hot tub show” models will work, but you will do more work on them in the end.  

I am also happy to share any insight on BRRRR strategy.  

With on market deals like this, there are two scenarios: 1) you see something that no one else sees OR 2) everyone else sees something you don't

you can point to your policy (that you provided to them 2-5 different times) and the timestamp on the applications received showing they weren't first in line. 

@Jordan Miller - I think to give proper guidance it would be good to share more details on the revenues and expenses on the property.

But on that note I do use about 4 different data sources for comp'ing the property's rental price estimate for my clients.

They should be bale to guide you more based on what you are looking for in the area. 

I need more advice
Just now I suddenly had an idea, the land left by the LA fire and SB-9 (SB-9 allows single-family residential lots to be split into two lots)
Is this a good opportunity?

But you should judge your PMs on more than just price.