Hi BP, I am new to REI and I am building knowledge on all strategies (pros and cons) to determine which one is best for my current situation.

To be determine Lessons learned?

Basically the hold period is determined by the IRR curve and maximizing that. 

I fully suspect that regardless of how many people live in a unit, the price is determined on the unit size.

What determines the fact that a newly installed HVAC system (where there wasn't one prior) is only worth a few thousand.

My question:  I have ~$1MM cash and I'm trying to determine the best way to put it to use. 

The cash saved over those few years will help you determine what's next in your real estate journey.

I am trying to determine what steps are needed to get a unit permitted.

In my mind I thought it was them bearing it to the open market to see what value is determined by buyers via a bidding process and mitigating what losses they are able to.

@Pierre Luc leblondForeign investors have to be mindful of ECI(Effectively Connected Income), FDAP(Fixed, Determinable, Annual, Periodic) and FIRPTA.There are also instances when foreign investors need to apply for an EIN and file a US tax return.You may also want to understand the tax treaty between the US and the country you are from.You should understand the above implications before investing in the US.