My wife and I have used both Zillow and Apartments.com to have candidates apply. 

Naturally, I wanted to find out whether we would be able to build a brand-new fourplex in Los Angeles County. 

Looked at HELOC on the rental, but is not allowed in Texas.Will probably apply for a 0% APR CC for a lot of expenses/material , but still need cash for labor/ vendors.Looked into personal loan , but 2 banks stated loan can not be used for investment property.

Since your aunt and stepfather currently own the property, Proposition 19 doesn’t apply, meaning you won’t get the parent-child exclusion for tax purposes.

Pertaining to air rights and laws we do not develop in this nature so not sure I can be any help here.

This is a natural part of the boom/bust cycle of vacation rentals.

Quote from @Melanie Baldridge: In 2025 the bonus depreciation rate is 40%.This means that if you bought a property for $1M in 2025, did a cost seg study and found $300K in eligible assets that you could depreciate, you could take 40% of that $300K as bonus depreciation to offset your income in the first year.40% of $300K = $120K.You then apply that $120K to the owner’s personal tax rate to find the final amount that they can defer in year 1.If your tax rate is 37%, you can defer $66.6K.This is a big deal even at the 40% bonus depreciation rate this year.It’s a massive benefit 

I can think of one instance where this was applied.  

Would like to go with both feet in and start learning more and applying that knowledge.I look forward to connecting with others here on BiggerPockets! 

It was 3 or 4 years planning , applying for waivers etc .