Has anyone experienced a situation like this and what is the best course of action to take.2.

You’ll be in a win-win situation.

And any advice you find prevalent to my situation is much appreciated.

Your approach to calculating the maximum construction size within a specified budget is enlightening.Based on your figures, I've noted the project budget as follows: Land Acquisition: $8,000 Utilities and Tap Fees: $7,000 Engineering, Building Permits, and Architect Fees: $5,000 Construction Cost: $180,000 (at $160 per square foot for up to 1,125 square feet) Total Project Cost: $200,000This budget underscores the critical importance of efficient cost management, especially in balancing project size and quality within the financial limits.Considering my project will be situated in New England, where costs tend to be higher, I've adjusted the budget to reflect a 40% increase in utilities, tap fees, engineering, building permits, and architect fees relative to the costs you've outlined for Ohio.

Over the many years, I've seen these things destroy a lot of people.IMO for a short time they provide happy days, but inside them is the shark that will "come a callin' ".As a very conservative investor, these are not on my Swiss Army Knife, but I recognize the Risk/Reward situations they are used for.

I honestly belief that investors should stop looking for specic catagoeries/situations of people to find houses to buy, and instead focus on motivation (regardless is their house is vacant, tax liened, foreclosure etc. etc.)Do you really care that you get a vacant house deal, or do you care that you find a high profit deal regardless whether it is a vacant house or not?

However it all depends on your situation and what look like as far as value.

Because that will make a big difference.Also, what is the existing situation with the building is it vacant or stabilized?

You already have a knowledge base in standard rental's, why not solve multiple problems with 1 action?

The lesson learned was that I took a situation that went against me suddenly, altered the terms and turned a negative into a positive!