The exclusive option to buy gives the optionee a lot of control depending on the cost or consideration paid. 

However, it's important to keep in mind that there are still considerations to be made for the comfort and convenience of your guests, such as providing access to amenities and ensuring that the space is well-maintained and clean.

I have 2 kids and I am married so I have to take that into consideration as well. 

The other consideration is that building the additional units would move us from a 1-4 unit designation into a "commercial" designation, making financing more difficult/ finding a buyer if we decide to sell more difficult etc. 

As well as taking into consideration the HOA.You've also help me see a few other things I need to brush up on.

Is that monthly payment you have got there taking into consideration the PMI you are going to have with the FHA loan?

One consideration is a DST (Delaware Statuary Trust) 1031 exchange. 

I have a few small multi-family projects currently in different stages of planning and building, ranging from 8 units to 20 units, and things many people don't take under consideration when it comes to commercials it is a different animal.

Do you mean high rises?

Get familiar with DIY Youtube University.With interest rates rising, a lot of folks who bought rental property in the last couple of years assuming they could do BRRRR are going to find that the "R" for refi is no longer feasible.