So I don't gamble on it. 

If you want to gamble on appreciation just go to the casino and put it all on red or black at the roulette table. 

After you choose your tenant, tell the ones that are not chosen, that you have chosen someone else, if they ask you. 

If your lot is less than 4,000 sq.ft. you may have chosen the wrong Zoning Attorney to assist with the Map Amendment...

Get several bids, be extremely specific with your scope of work, and then if you need a lower price, modify the products you have chosen.

I feel as if this investment might be a gamble with this open permit, considering it most likely has to pass inspections before the permit is closed.

i just don't see how that's a good use of your entire RE budget, and/or liquidating other investments to not get a return.i am encouraged that you said that you plan to fly to the chosen market in person, but one or two trips just isn't going to get you very much. 

but in my view it makes a relatively "safe" investment in cash flowing real estate into a gamble on appreciation.    

I feel as if this investment might be a gamble with this open permit, considering it most likely has to pass inspections before the permit is closed.

Of course, you can also just gamble and go with the cheapest PMC, but you'll usually get exactly what you pay for.