Just $800 today for the dozer totally stepped up the view of this property.  

@Caleb Rehg  I would advise your first step is to search this site for college student rentals and student rentals and read all you can. 

Step two is learning to make it profitable.

Building department can advise on specific next steps - municpal hearing and presentation of plans will be required in most cases. 

As this approach uses very little documentation, it is the least reliable methodology in preparing a cost segregation study.To see all of the steps included within each method, refer to Chapter 3 of the IRS Cost Segregation Audit Techniques Guide.What methodology has your company utilized?

Aside from what everyone else wrote, note that adding units require various steps that you may not have considered (e.g., adding a new street address with USPS, etc.).

So yeah Jay is right (as usual), first step is mediation.

Fractional Ownership: Small Steps, Big ImpactNew platforms now enable fractional ownership of high-end properties.

STEP 1: Go to the top of this page BUILD YOUR INVESTING TEAMSTEP 2: Click on AGENTS (for your deal finder)STEP 3: Click on LENDERS (for your lenderSTEP 4: Click on PROPERTY MANAGERS (for your property manager)STEP 5: Ask those property managers & agents for contractorsBOOM.

So, coming in to the real estate field with no capital it seems like a good first step to get my feet wet and get a better understanding of real estate investing as a whole.Since I will be on the buying side of the deal, obviously negotiating will be a big part of my job.