@Brandon Swartwood I would recommend starting with the ULI Guide To Professional Real estate Development.

My friend is a real estate developer who has successfully bought, renovated and sold/rented out a few small apartment buildings in the area (I live in the Bay Area so there are plenty of 4-8 unit buildings).  

They do property development also so they are used to working with investors/developers.

Are there other factors we need to consider?

Thus, the Department believes that in appropriate circumstances, owners and managers may develop and implement reasonable occupancy requirements based on factors such as the number and size of sleeping areas or bedrooms and the overall size of the dwelling unit.

Then take next best highest and use tenant and figure out rent per sq ft they could pay.You could possibly sell the land to an end user tenant, sell the land to a developer and make a spread, ground lease the land, or do a NN or NNN lease and construct the building.You need to analyze the tax implications of selling outright and paying higher short term gains capital tax versus developing and then converting to a new value created loan of 65 to 75% LTV.

Also, I wanted to see what are implications including for the holding cost if this is part of a Planned Unit Development community.

Hello, I am interested in buying a property on 500 block of Rose st Baltimore. It's about 3 or 4 blocks away from John Hopkins  hospital.  I am new with the area but I read about the Hopkins plan it sounds a like a go...

After crunching the numbers it seems planning on a 10% vacancy rate and factoring in a property manager the cap rate should still be close to 20% on the buildings I'm looking at. 

I currently work for a Multifamily Real Estate Developer in the Seattle area on their construction side as a Project Manager.