Have you examined your "value-proposition" for a tenant?

I suggest examining that carefully.

Just dealt with this for a project that required pre-review by both historical commission and city planning commission...took 3 months of submissions before the plans even got to the L&I plans examiner for the first time.  

Perhaps the better place to start is by examining your existing portfolio.

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

Most tax professionals do not advise their clients to utilize this approach and it may raise concerns under IRS examination.

Application of the 70% RuleWith this in mind, let’s examine the application of the 70% rule.Housing inventory price pointThe 70% rule can be adjusted, depending on the price point of the housing inventory.

There are many particularities to this, and I don't know anything about your business so I can't be much more specific, but what I can say is that more often than not businesses will find they have a narrower, more fertile niche than they imagine once they actually examine the who, the what and the why of the deals they close. 

Most tax professionals do not advise their clients to utilize this approach and it may raise concerns under IRS examination.

There are other considerations that may still make it impossible to permit the construction of the building even  if the by-right use permit is obtained and its important to have an architect closely examine how the proposed floor plans will layout to confirm egress &  bedroom windows + localized zoning overlays along with a  number of other factors.