@Eric Ippolito  first it takes Capital to fund the due diligence process and bring the project to shovel ready but the following steps are free and are done by you to determine feasibility.Check with the city or county to determine what is required for all approvals including site plan and building permits, proffers, water/sewer tap fees, bonding requirements, inspections and CO process and time frame for all approvals.You also need to check with the utility companies and get an idea of availability and cost estimates from them for water, sewer, power, gas, cable, installation and connection requirements, tap fees, hookup charges, transformer location and relocation, power line and power pole relocation issues.Check to see if you have to install any manholes,fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements,.Check DOT requirements for access, stop lights and permits, traffic studiesDWQ requirements for permits, permit fees, time framesThis is a broad overview of the process and your civil engineer can handle all of this but it's good for you to know exactly what's required.

The BRRRR method is designed for this type of a scenario. 

I completely designed and renovated the property converting to two bi-level apartments doing all design and construction work myself.

On the other hand, you may have found a needle in a haystack - you are direct with owner, there are no brokers involved, the owner is clueless about the market and is willing to sell you a $10M property (you have an appraisal for it already) for $5M on 100% owner financing.

There are some softwares out there that are inexpensive and are specifically designed for small portfolios.When you add in the online rent collection and tracking of expenses and some other features they are almost always worth the cost in my opinion.

The blanket loans are designed for something specific and just freeing up space isn't a good enough reason to do it.  

We found ESS to fall short at random aspects of parking vehicles, it is clear they are designed for enclosed units.

Problem is I'm not very design savvy ( I had help with my other house that I won't have now).

I love great architectural design and tiny homes so that would be great to get into for fun someday.

I'm Robby Dearth, I'm a rookie Realtor from Santa Rosa, California.I got into real estate after spending 15 years running a landscape design and installation company - I currently manage a Landscape Materials Supply Store (bulk rock, boulders, pavers etc..).