On the other side you could leverage the $350k and increase your overall wealth building. 

And if it doesn't exist the way we want it, we build it:)

Building small units in small counts is near the most expensive development and there is no way around this limitation.   

Be the bank and new builds continue to be my go to.. and with new builds our profits are at record levels so happy about that.

Most folks here find a way to househack (myself included) to build wealth or the next down payment, and move on from there. 

An example would be buying a SFR house in a Class B area for 230-250K that is renting for 1600-1800 range, those are not home run numbers but with low property taxes these are still better deals than what you find in other places.All the best in your search!

Bought Renatus education for the courseware and building upon that.  

I am currently active duty military and looking for investment options for the property to create a passive income and build wealth.

Without knowing more details about the specifics of the project being proposed as it relates to your property, it's hard to say if there are any obvious big red flags that could negatively impact your property's future value.That being said, I would try to find out as much information as possible about the new apartment building's design and layout - the two big things I would try to ascertain would be the location of the garage entrances/exits, as well as the location of any outdoor amenity spaces (pools, terraces, dog runs, etc).  

@Samuel Coronado My experience with building lot purchases is they’re usually only worth what you pay for them once.