You could request that the Planning Commission consider a re-zone, but without owning the property, they may not take action (although they could, at least in Michigan).Jon is correct…..start with your Planning department to see where this project is at and what your options are.

I have done these types of deals for several years and can help you with structuring it correctly.

Please get your facts correct regarding the topic at hand.

Am i seeing this correctly in most areas?

similar to those of existing homes"I would think maybe the covenant or parts of it would be voided because it wasn't set up correctly and is too vague to be enforceable.I am no expert on it but I want to hear the outcome.

Steven Del Prete you are correct.

Any numbers you see wrong, please correct.

And this is not including rehab expenses.Am I calculating everything correct?

My basic return formula looks like this: (Gross Income -Adjusted Expenses) / (Purchase Price + Required Improvements) = Return on investment.Shortened up: NOI/Cost=ROIAssuming the building you are considering has no deferred maintenance and assuming the seller’s Net Operating Income (NOI) figures are correct then to obtain a 9% return you would want to buy the property for $24,151/9% = $268,344.If you choose to finance the property then the terms of your loan and the amount of your down payment will determine what your return on your invested cash or ‘Cash on Cash” return is.

This being my first deal I wasn't sure if that was the correct thinking.Thanks for the quick reply and good luck wishes