@Upen Patel, have you seen a product like that on the streets where the construction/draw period would extend a year past the original CO?  

My simplistic example above was just pointing to the fact that lower rents will give you greater physical occupancy and a greater pool of applicants to draw from; and thus better tenants in theory if your screening procedures are good.  

The Setbacks are shown on a drawing and should show the boundaries of the lots and things like an "easements" which is an area you can build a house on - but you can probably put a driveway on. 

Should I release them from the current lease and draw up a new one or should I just add an addendum holding them to the terms of the current apartment and just state that they are moving upstairs?

but luck of the draw buying primary homes in the SF bay area turned into a multi million dollar profit machine for us .. just living in the houses.. 

If you do the refi and the new purchase too close together you may draw scrutiny so you want to have a legitimate reason why you decided to move after refinancing, but if you refi after you turn it into a rental you're going to be hit pretty hard on the rate for an investment vs. a primary residence. 

Monthly rent divided by .01= maximum purchase price. $2300/.01= $230000 max purchase price.

So my HUD consultant had the draw check include more than the repairs that were completed to be paid out so we could continue the work and get ahead for the next draw check.

Why not draw up some type of owner financing and have your buyer added to title. 

What's drawing you to commercial?