I guess bears have started to go into hibernation as we haven't see any of these in over a month.

Big Bear, CA SFH 3bed/2bth/loft, 1,900sqft for $220k.

In all my instances mentioned, the 1st lien did not outgrow my equity buffer because it was a low interest bearing 30-year mortgage and I had sufficient equity to cover.

You might add an engineer to your list to make sure the building is structurally able to accommodate the extra weight and load bearing your work

@David Shifirn - Short answer, yes if you take security deposits they need to be in separate interest-bearing accounts, but don't take what I am saying for a fact. 

Land entitlement is a big business, largely due to all of the legalities involved and the complexity of getting raw land into a shovel-ready condition.Something to bear in mind - big investors frequently do not have all of the money they need to do their deals.

PS: I believe the market bulls got more fuel in the tanks(sorry bears) and hence wanted to look at this market though it’s considered hot.

I actually work in a municipal rental program, so I know I feel like I've got more knowledge about potential rental laws than the average bear.

The other problem is the stats change, I do new soil farming every 6 months to determine changes and recognize changes in my research.  1. reasearch, research, Research your area2. set your criteria, ROI limits, and geo specific areas3. setup auto search systems or notifications4. rinse and repeat : Goto to step one

Brett, the answer for cap rates is "whatever the market will bear, and you can tolerate".