If a variance is needed, they're estimating 3-6 months, up to a year potentially. 

with our estimates for both income & expenses on this property.  

With 4 properties in different location, you have 4 time more chance of RE appreciation.To maximize returns, leverage tax benefits like depreciation, mortgage interest deductions, or cost segregation while considering your ability to handle management demands and market fluctuations.

The estimated cost of the home build is a minimum of $650k.

If I am selling a car and just put it in my yard with a sign, it might sell.I will have a much better chance if I also advertise it on FB marketplace AND Craigslist in addition to putting it my yard.

That’s the best chance we have at potentially recovering from this.

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

Some pros:- You'll have plenty of cookie-cutter comps so you should be able to get a very accurate estimate of ARV and/or sale price in the case of a flip.- Your maintenance and repairs will be mostly limited to the interior of the property as the condo management will maintain the building- You won't have to worry about tenants maintaining the grounds around the buildingCons:- Condo fees may change drastically over time and it's largely not in your control- Condo bylaws can be tough to work around.

The Gator method is apparently one technique that may have some flaws that have been exposed here but may also be just the motivator for some people who would not otherwise even have taken a chance to get involved in real estate "investment."

As to the buddy I mentioned in Washington state it was the same scenario; he converted tax-free up to their standard deduction but above that he kept within the lowest tax bracket and paid the smallest amount of tax possible.Thank you @Basit Siddiqi for calling me out on this and giving me a chance to address my mistake; it's important people have the correct information.