Development and managing a site is much different than building. if you aren't experienced I'd find an experienced zoning attorney or land planner or civil engineering firm. 16 units for 3 acres is pretty low density, extremely low density. have you looked at future overlays for the project to see how many units you could get?

This is generally not tax-favorable as you are taking a large chunk out of the IRA at once and will pay a high rate of tax.  

Bought it furnished to rent out as an airbnb to utilize STR loophole to offset W2 income (husband and I are high-income earners).

During periods of high inflation some studies show average real estate investment returns as high as 9.5%This is supported by recent and current inflationary conditions. 

Focus on high ROI tasks and be a good neighbor.

High ARV and solid airbnb rental.

I'm seeing 3% as a suggested benchmark which feels high but I've also been out of the commercial space for some years so my knowledge is dated.  

I highly recommend you read The House Hacking Strategy by Craig Curelop to prime your skills in that area. 

Once your high interest loans are paid off, it shouldn't take you long to save. 

I used to say this wrong as well till my contractor corrected me.It's a rental, just put in a standard tank water heater unless these are very high end units.