Like @Carlos Valencia mentioned, its good to consult with your lender to see what else is needed prior to reaching clear to close or CTC on your file.

This will depend upon state and local laws, I would definitely consult a RE attorney with HOA and/or STR experience. 

Consider the potential for increased property value and rental income against the additional management responsibilities and possible tax implications.Remember to consult with local authorities and possibly a real estate attorney to ensure full compliance with all regulations in your specific area.Let me know if you need funding for the rehab.Regards,Jackson

You’re on the right track, but make sure to consult with your CPA to confirm your plan aligns with your situation.

Consult a Realtor, contractor, property manager, or lender, and then request referrals for the remaining three.

However, consider:Long-term market projectionsYour personal financial goalsTax implications of holding vs. selling (consult a local tax advisor)Partnership Structure:Clear, written agreement detailing responsibilities, profit sharing, dispute resolutionRegular financial reporting and meetingsExit strategy for both partiesConsider forming a legal entity for the partnershipFull Bank Financing: If the bank would finance the entire project including renovations, this could potentially be more advantageous.

We've been doing land development and entitlement for a little over 20 years, initially as a consultant (civil engineer & owner representative), and I have to agree there is a significant risk to land entitlement. 

Of course, please consult with a tax professional for more details.

Consult a Real Estate Attorney: Given the proximity to the closing date, consulting a real estate attorney may help you navigate any legal implications and ensure your interests are protected.4.

It would be wise to consult with local real estate professionals, analyze recent sales data, and consider the long-term economic prospects of the area before making any investment decisions.Let me know if you're looking for funding for your RE investment.