But I could also keep those 2 lots and wait for everything to get rezoned and then sell those lots to an independant buyer once all of the construction is done, which would increase the value. 

The 203k loan is an FHA loan that allows you to bundle the construction costs into the loan and still have that low down payment.

Do you have money for the first construction draw?

Obviously there's less slab and roof, but I'm unfamiliar with this type of construction and unsure of costs beyond that.Just looking for a general idea so I'll know whether the option is worth considering.

Specifically, a more accurate estimation of the cost to finish the property.End plan:5 Units total(x4) One bedroom efficiencies with garage(x1) Two bedroom/Two Bath with four car garageRepairs/Construction Needed:- Complete two bedroom unit already in progress- Build out the four one bedroom units- Pour concrete driveway and lot while leaving the front yard area- Exterior paint and landscapingThank you in advance for any input!

I enjoy construction but its now time to do it for myself, own the risk, and invest in real estate full time.

I was a General Contractor back in the 00’s Specializing in Handyman type and small construction (Kitchen and Bathroom’s, Fences and Decks).

Since we are a combination contractor/real estate investment company the construction side isnt making money on this so if you have to pay a contractor you're looking at almost double that.

They are still building affordable new construction in the suburbs, which takes a toll on the older housing stock in the City. 

For Multi-Family properties, depending on if the property has been separately metered for all utilities or not, wouldn’t it make sense to have the property metered separately if the home was constructed from being a SFH to a Triplex?