Mark,sounds like you still have some homework to do, @Colin L. brought up some real good costs, to make sure you include them in your costs, there are going to be tie in fees for utilities, holding costs of taxes, insurance, electric, a temporary fence around the property, possibly a 24 hr security co depending on the area, etc. unless there are similar properties to what you are proposing to build around you sometimes it is not that easy to change the zoning, a lot of towns do not like to do spot zoning, create a zone within a zone area, I would suggest talking to the zoning office to find out if it would be feasible or a land use attorney.

They are proposing a limited detail study since this Quad is a relatively small property.

I've just read the text of the legislation and I don't find these specific provisions. 

Your proposed plan has way too many moving parts

I am curious how fellow landlords in Baltimore County, MD, are reacting to this new law banning discrimination based on a tenant's source of income. If you own 2 LLCs, each with 3 rentals, are you exempt? Curious to s...

@Bryan Harvey - Not sure if I missed it, but how many units would the proposed structure have and what location are you building this?

Commercial mortgages are lenders (banks, private equity etc) that offer mortgages for specific time of properties that are not owner occupied primary residence witch are under strict legislation.

Your proposal isn't a lease option...it's a Land Contract Purchase.Second, using specific numbers, can you explain how you think this is doing any of the following:1 - Helping his CF problems2 - Making you any money now...and in the future3 - How you plan on financing this if you're buying it at $41k if you need to come up with 20% for traditional financing...that's $8200 in cash.4 - If you are doing a Land Contract to buy it, with payments from you around $450/m, how is the seller going to cover his current $500/m payments...and taxes and insurance?

What, you would propose waiting until the lender forecloses and then sells it for more later?

What you're proposing is to sell investment property but purchase membership interest in an entity that owns investment real estate - not actual real estate.But .