With a quad-plex you'd only need to pay once to an attorney, replace one roof, and/or have one closing (less closing fees in total!).

I will do a short term (week or so) hold agreement with a non-refundable fee that becomes the deposit if they sign the lease on the agreed date.In your case, I'd speak with my landlord/tenant attorney and get an understanding of my options.

Not 2008 frothy by any means, but in the next 3-5 years, I think the market will be fairly flat.  

Maybe call the police that is flat out theft in my eyes

As long as it's in/near the 610 loop.Since I own/manage 1000+ units inside the loop I get asked to fee manage someones random 30+ unit all the time. 

@Shawn Kostoff, I’m reaching out to the city for any additional fees or implications but what else might you have in mind?

Its not uncommon here in Vegas for short sellers to rack up $5-10k in delinquent HOA liens as the HOA have ridiculous and exponentially compounding late fees..  

Monthly expense with just mortgage tax and fees are running at 2.7 to 3k and the rents have softened to 2.3k.

Inventory is super tight, the market is pretty flat, rents are falling and landlord concessions are high.

You are essentially managing the development for fee then managing the property until the sale?