To protect yourself, I would establish 2 separate agreements one for the construction contract with the lender and another profit-sharing agreement with the lot owner.

Navigating NYC's zoning regulations can be complex @Jon Pflueger, especially in M1-2 districts, which are primarily designated for light manufacturing and commercial uses.

There have been multiple revisions this YEAR alone for state regulations that most leases online will not have updates on. 

My objective is to establish my network in the region prior to my arrival.

The key is establishing strong systems and processes.As mentioned earlier (KISS—Keep It Simple, Stupid), there's no need to overcomplicate things.

For non-primary residences, they have to follow all of the following rules to receive a permit: - the property must be a minimum of one (1) acre in size (designed as a precaution to disturbances)- The building standards of the underlying zone district must be met - Adequate parking is provided - Defensible Space requirements are met - Valid water and sanitation must be demonstrated - No more than five (5) bedrooms are in the dwelling As time goes on, they continue to become more strict on the rules listed above here, and are actively regulating it.

To clarify my assumption about current equity: most transactional activity in the area has been new construction and established neighborhoods of "better" quality.

Establish a Charitable Remainder Trust (CRT): By placing the property into a CRT, you can receive a charitable deduction, defer capital gains taxes, and receive income from the trust.

Long established residential neighborhood and used to be a corner store.

Eliminate debt, establish a budget, and save.