Recent zoning changes now allow for three dwellings on a single parcel, and parking requirements have been lifted in denser areas, both of which have boosted the local housing supply.

I'm a REI newbie, but just from a personal finance point of view $500k income + "Wouldn't mind becoming a millionaire from this as well...." is a red flag.

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

I definitely ended up passing on this "deal" based on the red flags.

Another consideration is the permitting process and local zoning quirks, which can slow you down or force design changes mid-stream.

People probably do this all the time, but skirting the law and subject to red tag if the city finds out. 

First, there is zoning and if it's allowable.

I am exploring "office hacking" but i don't know if there are any legal or zoning issues with something like that. 

Red Snapper, grouper, barracuda for USD $4 per pound. 

Thinking about stepping outside my comfort zone and maybe doing out of state investing.