In the Museum District of Richmond Va I've found a multifamily (4 units) property on a good size lot for that area that has a back ally access with a good size back yard and no garage like most of the neighbors have.Please some one well versed in Commercial properties and multifamily tell me if I'm on the right track with this line of thinking..My approach is to buy the property using A conventional residential financing and build a garage with an upstairs apartment, making the grand total number of units on the property a fabulous Five.. which is infinitely more in the eyes of Lenders because a 5 unit property is considered a Commercial Space.

@Anthony Koinis I would look around your area to see what's popular in subdivision design and interview a number of agents to get their opinions on the Park concept.

I've seen some that are mega-expensive designed for hi-rises like ButterflyMX, and some that are cheaper but sketchy like the GBF WiFi Video Doorbell Intercom on Amazon.

Yep ..When you buy the 3 bed house for 10 grand and get 600-650$ a month on it ,it’s really hard for even an idiot like me to screw that up !

Check to see if you have to install any manholes, fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements, Check DOT requirements for access, stop lights and permits, traffic studies, DWQ requirements for permits, permit fees and time frames.Once you have an idea of what you can build and what is required in terms of permitting and infrastructure you want to talk to some civil engineers and commercial general contractors that do the type of projects and build the type of buildings you want to build so you can get an idea of costs, time frame and requirements.

@Annchen Knodt I agree about the time vs money above, but doing your own lets you use multiple designs to see what works.I would also suggest that you try more than just Absentee Owners.

Factor in vacancy, and you're likely going to need to put in a few grand to make it really rent ready, and I think that would be a win/win.  

I design house plans for builders and developers and it would be nice to have someone local at that price point!

Self-directed IRA's are designed to receive passive income such as interest, dividends, rents, etc. 

Windows, doors, all new hardwood flooring, (most of it in a herringbone design), new roof, new siding & all the electrical & plumbing was completely updated.