They do not collect payments, but when you sell your home they will get some of your equity appreciation.

It seems that most condos are selling at the purchase price from 1-2 years prior.

They can sell tax free.

I know enough about a lot of things to be dangerous, but lack detailed expertise and certifications.I will say that I was extremely disappointed with my last realtors lack of construction knowledge so you will have a leg up there for sure, and you should play up that as a selling point

The options are, demo the lot, split the lot and then sell 2 lots to the builder or build myself.

It is not uncommon - main reason we see right now is over inflated original ARVs and now borrowers cannot sell and pay off the lender. 

Back then, the market was more stable, interest rates were below 4.5%, and distressed properties sold at significant discounts.Today, distressed properties often sell at a premium, and cash-out refinance rates are above 8%.The best BRRRR deal I can find today involves buying a property with cash, investing in the rehab with cash, pulling out 75% of the ARV and breaking even on rent and mortgage.

And it can work really well for you as long as you pay attention to the statute requirements.In order to defer all tax you are selling investment real estate and buying investment real estate of at least the same value you sold. 

Wholesaling is another way to generate cash by finding off-market deals and selling them to investors.

This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.