They should look at the zoning and tell - hey the FAR is so and so , the build-able area is so and so , so you can do this ...Even if you have knowledge on these issues in your local market , please post - and I understand that the rules vary but it will help trigger some thoughts .If you are an expert and wants to JV - I am open :-)

They're still not allowed to speak their minds about companies and markets because of SEC rules that limit what they can legally say.

I get there's some likely restrictions on timing and tax implications, but seems as close to a sure thing as you can get in the investment world.What am I missing?

You said you had an electrician there so this has probably been ruled out already but a refrigerator usually requires a dedicated circuit or as the get older and less efficient they will constantly trip the breaker when the compressor kicks on. 

But there's restrictions put on realtors and that's the main reason I've stayed away from it. 

It sparked my interest in the rules of doing something like this. 

The rule thumb is the greater risk, the greater the potential works.

Is there a rule of thumb for this?

When using the 50% rule, does that include vacancy and capital expenditures?

Currently appealing a zoning ruling that did not go in my favor because they could not determine the current use nor did they have to.