I am in the process of creating 2 generic templates for the purpose of “having back of the napkin, Underwriting early in deals”. 1 will be ground up Development and 1 will be redeveloping existing buildings.

Hi Tom, a few items on your journey to possibly purchase the building.

I am licensed real estate agent but concentrated on investing and building a lead generation business.

You'll also need to start building a credit history. 

You will need to insure the building improvements and you will want general liability coverage.

As far as long term, building up a portfolio of cash flowing assets is an excellent path to financial freedom.

What will be displaced when they build - does it need to be replaced?

I recommend a boring long term rental, 1980 or later build, in a good area. 

I tend to prefer nicer areas for the house hacks because the difference in down payment between a $100k building really isn't that much from a $400k building when you are only putting 3-5% down.

I started listening to BP podcasts while working on the project, and have since devoured material in every form as I changed from fixing up a house - to building a real estate business.