I got all the construction knowledge, now I need to blossom that into the next level.

If a pass through LLC that owns two properties sells one of them for a capital gain, can that gain be used entirely to fund the construction of a project at the other property?

This area looks to be 60/40 mix of old and new construction, so perhaps there are some older houses that I could add value to and capitalize on the location once finished.

The longer/pricier rehabs are the more risk you take on with either construction delays, increased holding costs, or the market turning 

It’s great to read through them to understand the extent of construction that was done and what may need to be completed.

The supply of homes for sale fell 29.5% year over year, the largest annual decline ever, to 1.03 million homes.”Indeed, according to CEPro, SFH construction weakened 10.3% in February due to labor and material shortages.

Strong buyer demand is keeping homebuilders confident, but rising costs of construction materials are weighing on housing affordability.

Today (5/17), the National Association of Home Builders releases its NAHB/Wells Fargo “Housing Market Index” for May, followed by the Census Bureau’s new residential construction data (including “Housing Starts”) for May on Tuesday (5/18).

To determine if it's worth doing a 4-Plex in addition to the cost you listed, I would recommend looking at; is the lot already graded, and ready for construction, are sewer, water, and gas already at the lot for connection, what type of rents are on your proforma, the biggest one many people forget about are the developer fees charged by the municipality to allow you to build the project, etc.There are a few soft cost items that will be a part of the project that do not get lower just because you're doing a smaller project.

Is this seen as a viable strategy in the current market climate.. especially with current sky high construction costs?