The details:Location: Denver, Colorado located in very hot real estate market in an excellent location within 2 miles to downtown.Land cost: $475,000 currently with small 900sqft home on property Mortgage/holding cost: mortgage is $2800; I will be renting home on property for $1750/month (so I will be paying $1000/month out of pocket holding cost) while we go through the permitting processPermitting process: estimated to run 6-8 months in Denver before build can beginLooking to build five, 3-story townhomes on the lot, 1550 sqft each (about 500 sqft per floor), with detached covered garage in rear of lot for four of the units.

@Michael Ohman   If you're going to BRRRRR you can still do it with a VA Loan.....But utilize the one that's called a US Department of Veterans Affairs Loan.....It's more designed for BRRRRRs 

The property is only about 5 minutes from my home so I really don't have any issue in doing it but my fiancé has asked why am I'm doing these things if they are not on our lease agreement. 

Would it make sense to utilize the equity in the home toMove forward for purchasing our first investment or should we leave our main property’s equity alone?

I wanted to take a minute to introduce myself to the BP community.

-Are there any resources outside of the MLS for me to utilize?

Fellow Memphians - Hope a few of you can take a couple of minutes to answer his questions about Memphis and about REI!

Account Closed I don't think you're utilizing logic all that well.  

Wooded and spacious, just a little far out, but only 10 minutes from the interstate.Sales price is 600k9 units rent average $900Expenses are just lawn water taxes insurance 15000Gross income 97200NOI 82200The cap rate of 14 works but is valued at 66k per unit.

The occupancy rates will increase some as some people book last minute but using occupancy at near start of month has some safety margin built in.What this snapshot does not make clear is whether there is significant variation by month.