That could require combining lots to build one house.There a lot to do and a lot to research as part of your due diligence before proceeding.Besides talking to the town officials, I'd also look at both the subdivision ordinance and the land development ordinances .Good luck.

If it would make it more convenient for people, we could combine meetings sometimes and I could help host in the Cedar Rapids area.  

With a combined 40k we plan on getting another rental in the area and splitting it 50/50.

Geez, all this fear mongering about things that rarely happen.  

Classes are 3 hours each, which where combined with the knowledge available on BP, I will get a really good education in a brand new field.

I rarely see carpet in a building that is for sale that I would consider leaving.  

If it is to keep it as a separate unit, DEFINITELY check with them on that one, I know from personal experience that at least on the east side where those attic units popped up everywhere maybe during the 70s and 80s the city's been doing everything they can to eliminate those 3rd units, they either can be combined with upper unit for a "super unit" or must be abandoned.

.• I am a Realtor in Las Vegas and my practice is almost exclusively remote investors and most of my clients use either LLCs or LLCs in combination with what is called a Nevada Asset Protection Trust to protect their assets. 

I am sure that lending opportunities are not that rare, is this worth all the hassle ?

This, combined with classic books like "Landlording on Autopilot" by Mike Butler were helpful to me.