-Site work: typically $10K is a good number to start with, which includes preparing the building pad, connecting utilities, plus a small amount of landscape and concrete work.Other costs (not typically required): Additional structural engineering, Civil engineering, Soils engineeringAlso, the cost would be around $75K for a standard garage conversion project of about 400 sqft....$8-10K for plans/design/engineering, $3-5K permits/fees, rest construction costs.

Tips and Best Practices: Lastly, any additional tips, best practices, or words of wisdom for a first-time home buyer exploring creative financing options and navigating the real estate market would be immensely valuable!

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Also, the Ultimate Beginner's Guide is a nice, quick explanation of different aspects where you can find something you're more interested in and explore that further. 

Without knowing any of the additional expenses this seems to meet the basic requirements.

The policy covers the existing structure (normally at Actual Cash Value - rebuilding less depreciation) and the additions being added.Remember, if the Reno Builders Risk does not cover Liability, you should get a sepparate coverage for that.  

Although, thinking a little longer term, it would be interesting to see if you can build in a small equity stake in addition to your fee so that you continue to receive benefits for your initial efforts on the front end.

Additionally, in terms of leverage, how much does the 16-unit cost? 

Additional costs like HOA dues, neighborhood maintenance funds, and property taxes over the duration of the build should be factored into your financial strategy.The foundation of any successful partnership lies in a robust operating agreement.