I'm looking for different perspectives on a situation we have going right now.

From there, you'll have a better idea of what you can and can't do with the land from a zoning perspective. 

I can only see my perspective, and my perspective says, "it sure would be nice to pull my money back out for the next project." 

You can choose to ignore the costs for 20 years, but from an accounting perspective, it (pretty much) all works out the same as figuring $1000/year.And that doesn't even include things like siding repairs/replacement, major plumbing upgrades, major electrical upgrades, etc.

But I really appreciate your insight from your perspective.

I am looking into such deals from an investors perspective in my market, and see that value myself.  

From their perspective, for the same or slightly more money, ($130-$140's) they can build a new house to suit them, picking colors\appliances\floor plans\finishes etc, and be the first occupant.

There's no issue with a preferred return to investors from a lender's perspective.

I've read filing the exemption can be $10,000 and since this would be my first commercial deal (I'm planning on raising a couple hundred thousand dollars) the expense of filing is definitely a non-trivial sum...Any perspective would be greatly appreciated!

I've really grown to dislike LVP from an aesthetic perspective, but it's the clear winner over hardwoods from a durability perspective, especially for investment property.