The office sector has the trifecta...high cost of capital, high expenses, and high vacancy.

While rental ROI appears to be attractive even after carrying costs, the 11% transfer tax when you sell seems like a turn off.

Depending on the intention and duration of the borrowed capital investors should be aware of the exact penalty terms and options to reduce costs if a sale of refinance of the property is expected within 2-3-5 years. 

NOW, if there was a recent storm that cause a sudden leak resulting interior damage you may not have much of a leg to stand on because HOA was not neglegent in doing timely repairs, it just happened.Now if you think they should repair but they won't you will have to sue your HOA (yourself also since you are an owner) Once they board and HOA recieve the letter from your attorney, they will likely just settle and fix your wall inside since it will be way more costly to defend and it may raise they HOA insurance next year, thus passing the cost to you via your HOA dues.

Your structure is complex and not cost-effective.

These loans cover the costs associated withpreparing the land for subdivision, such as grading, infrastructure, and legalfees.Ground-Up Construction Loans:If you plan to build on the land, a ground-up construction loan might be ideal.These loans typically cover both the cost of the land and the construction.They can offer more flexibility and longer terms, making them suitable for avariety of projects.The best option will depend on your specific needs and plans for theproperty.

You will probably need a new valuation report might cost you $2,000.  

The prices can very wildly that is for sure, but I last saw this cost around 12k. 

@Tim Lewis      @Terry Schoen   @Emi @Emi Augustin    I have couple of PMs I can definitely recommend for you................I can also tell you specifically who to avoid at all costs.

I do have an empty lot next to my current SFH , doing nothing (but costing me money to mow :)) my thought was to build a detached guest cottage to serve as an overflow for guests or it could also serve as a seasonal / monthly rental.