It’s the horizontal runs that get you.

Have you already locked in the acquisition/horizontal/vertical financing piece?

Water is seeping through cracks in the floors and through the walls where it looks like the basement walls have signs of bowing with horizontal cracks.

It is a slow way to manage a project, but it works.You could sell off some of the lots, before or after horizontal construction is competed.   

I own a couple of rentals, one in Belo Horizonte and another in São Paulo.

The papers had a chart with the horizontal heading "Average monthly rent" for a 835 sq. ft. unit across the top and on  the left  vertical side was the exit CAP rate  (36 month hold). 

You can get 50% to 65% LTV on raw unimproved land, or if there are horizontal improvements, you can get 75% LTV to finish out the horizontals.The construction loans will give you 85% to 90% of the LTC or loan to cost, but these will only be done on an individual basis. each lot on its own loan. 

We like to call these 'country subdivisions' as we are not looking to do a full horizontal development with utilities.

This could be a build and sell or build and hold, with the possibility to sell individual units at any point in time.2) Condos are Horizontal Stacked Construction.

The ADU regulations (which vary in significant detail on a city-by-city basis) in San Diego compel the City to allow the use of the existing water and sewer services, but the costs for the homeowner to extend them to the ADU are on the homeowner.In terms of poking holes, you're missing the horizontal costs