@James W.You should hire a consultant to perform a market study to outline what would be the best fit for the land.

Lease Agreement: Begin drafting a comprehensive lease agreement outlining the terms and conditions of the rental arrangement.

For all of the reasons you outlined in your post, I suspect this will continue to be a topic of discussion and a source of heartburn for investors.

I have a loan agreement with the LLC  that outlines repayment structure and interest.  

I can send you over an email that can outline our project and what we can provide. 

This includes property held for the production of rents or royalties.So, to reiterate, rental property qualifies as 1231 property when it meets the criteria outlined in Section 1231 of the Internal Revenue Code.

Your approach to calculating the maximum construction size within a specified budget is enlightening.Based on your figures, I've noted the project budget as follows: Land Acquisition: $8,000 Utilities and Tap Fees: $7,000 Engineering, Building Permits, and Architect Fees: $5,000 Construction Cost: $180,000 (at $160 per square foot for up to 1,125 square feet) Total Project Cost: $200,000This budget underscores the critical importance of efficient cost management, especially in balancing project size and quality within the financial limits.Considering my project will be situated in New England, where costs tend to be higher, I've adjusted the budget to reflect a 40% increase in utilities, tap fees, engineering, building permits, and architect fees relative to the costs you've outlined for Ohio.

If you are not trying to maximize profits, then there is nothing wrong with being restrictive in your guest selection as you've outlined.

Establish connections with real estate brokers that focus on investment properties.Funding: Explore various funding options, such as partnerships, hard money lenders, private lenders, and conventional mortgages.Make use of your experience in building to precisely estimate repair costs and provide prospective lenders with well-prepared project proposals.Look into any grants or incentives that may be available to real estate investors on a local and federal level.Create a concise business strategy that outlines your objectives, both short- and long-term, target properties, and investment tactics.Remember, each real estate market is unique, so adapt your strategies based on your local conditions.

You can get by with one per LLC as long as you keep clean books and records.Once the pros and cons of entity structure are outlined by your professional team (CPA and attorney), it comes down to a personal decision.