A strategy based on the City or County planning documents has risk because, even though they aren't likely to change them much, their timelines might get pushed depending on their fiscal policy and/or financial ability.Likewise, an Applebees/Chiles-type strategy has risk because they might simply be wrong.

I could get a bridge loan for 6 months until I can HELOC the house and pay off the bridge loan but why would I want to incur massive fees like that when there are easier methods to achieve the same goal?

Experience, the deal, your fiscal liquidity, mostly YOUWhat will it take to be pre approved ?

You can also go online and change you address at the Cleveland Fiscal Office website.

We're talking about investors with massive portfolios and/or capital here, who pay with cash then refinance their money back with appreciation and just hold onto the asset. 

Believe it or not, I went on a massive buying spree the previous two years.

The client has to be able to develop an unlimited amount of homes during any fiscal period which apparently requires retaining a general contractor to 'supervise' the work or act a project manager.In case something still isnt clear, client does not have some sort of challenge with materials sourcing nor do I foresee an issue with sourcing for labor hence the 'relatinships' you reference does not particularly provide any value for this particular client in this specific instance.  

Would it still be a good deal with massive termite damage?

If you all were able to negotiate a massive 35%-40% off the asking price, it would instantly turn into a good deal though.

@Gino Barbaro Going a bit to the right here Gino, but it would be of value to have a checklist of the fiscal/legal stuff to know when underwriting a deal.