Talk to local agents to see what they think the value would be post construction and what the rental value / estimates would be If you get answers that make sense to you to proceed from the above then keep unpealing the onion of development and keep performing the next due diligence steps towards making this project a reality! 

This for me is all somewhat of a thought experiment as I try to figure how to best position what we have for the future. - Economies of scale would be key, and right now that is not something I would have the time to pursue so this warning is appreciated. 

The good thing is that it’s not busy after working hours or in the morning when most future tenants will be there after I move out of my side.

By turning it into a rental, you may be on the hook for capital gains tax in the future vs using the 250k exemption for single filer or 500k for a married couple that files together on capital gains if you were to sell now. 

For example, effective drainage is essential to avoiding future problems and maintenance expenses.

HI Josh, Condos are nice and easy to manage, however this could limit you from expanding your portfolio in real estate, if you are trying to grow and have multiple rentals in the near future.

I've been in real estate development a long time, and most of the folks I know doing it either grew up in the business, or most of them know it from working for a larger builder, i.e. as a project manager, forward planner, acquisitions, and eventually went out on their own. 

We want to be able to create an estimate for a project and then track everything back against that estimate (Labor and Materials) to see how we are performing on each project.

just make sure to set your calendar accordingly so in future months you arent accidentally getting STR bookings and ruining your MTR chances

Hello All, I'm about to purchase a flip project that seems like a good deal, but I'd love to have your opinions to make sure I'm not potentially missing something.