I have a multi family that has a separate 1 acre lot attached to it by mortgage.

Quote from @Chris Baek: Hello Experienced Real Estate Investors,I am interested in investing in multi-unit buildings in the City of Chicago and wanted to know what you think are the top 3 areas that will see the greatest gentrification/upswing in the next 5-10 years.  

So, simply delaying closing a few weeks eliminates the issue entirely. 

There is street access because it's a corner lot.This would be my first new contstruction....my plan is to sell my current home (family issues, forced to sell) and move into one of the units as a primary residence for a year or 2 before leasing it.Question is - What is the order of operation to start the project...   

@Kris HaskinsA lot to unravel but if they recorded your deed for purchasing the property prior to the ratification of the sale then that creates issues which the lender should have gone with your closing.The agents and title companies in this are a mess as how did it not show up on title or with the listing agent what was going on.

My tenants have been amazing no issues and they always pay on time or early.

And right now rates are at multi-decade highs after a rapid run up, so the wounds are not only fresh, but the bleeding hasn’t been controlled yet.Mistaken Identity:  If the syndicator on the panel says he prefers floating because he can borrow capital improvement funds, he is talking about bridge debt, which happens to have a floating rate but isn’t the primary characteristic nor the reason people use it.  

Also, have you considered other strategies like multi-units or STR/MTR? 

Investment Info:Small multi-family (2-4 units) buy & hold investment in Elrod.

What digging I've done has been in valuing professional services practices (same issue: owner does the "labor", has client loyalty, etc.) as well as medical practices (patients loyal to a doctor more than a physical address).