If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

Mike, Welcome to the 'club'.We worked with HOA and PUD when we first niched to real estate. 

Silver Spring offers proximity to Washington, D.C., great schools, public transit, and a thriving local community.

@Stuart UdisSo how do a set up a LLC to protect myself from the chase glitch?

Partner Driven saw a fantastic opportunity to leverage the property’s market-ready condition, allowing for a swift and profitable transaction with minimal investment or risk.

Managing real estate, and doing it well, is an entirely different story.I would keep your eyes open for a book that teaches you how to manage well.

Welcome to BiggerPockets!

An electric dryer will run up the bill of that unit quickly , where a washing machine wont nearly as much . 

Sometimes it's best to cut your losses and move on.

@Sharon McCants Yup around the 100-150k/unit mark can get you into a solid B area here that'll hit the 1% rule in most cases.