Hey @Felix Shi, your decision really should be based on your risk tolerance and goals.

I feel like I had gotten my team set-up, a young aggressive real estate agent who owns rental properties himself and buys foreclosures and repo's himself, a solid lender, cpa/book keeper. 

Unfurnished likely comes down more to your goals than anything else. 

The recommended set back for building is 15’.

Obviously, I don't know anything about your finances, so for all I know, you may have a few million in the bank, and this project is just a fun experiment that wouldn't even be a drop in the bucket if it all turns south...but, regardless, you'll want to model out what would happen if this project crashes and burns...As you may know, managing a rental in a D to F area (or even a C area) is usually not recommended (for many reasons), and funding a rehab with credit cards is also usually not recommended (again, for many reasons). ...even highly experienced investors often won't touch anything lower than C grade because of all the difficulties of managing and re-selling them...If you're dead set on rehabbing the place and keeping it, I'd strongly suggest studying up thoroughly on the local rental market and tenant pool (e.g.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

Goal is to get more standardization from the appraisers. 

I would love to chat about the property and see what type of options you have based on the zoning/buildability and your goals. 

Make sure to connect with local lenders and brokers as it's beneficial for achieving your real estate goals.

I have a small rental portfolio in B class neighborhoods in the Northeast, and now looking to get into small size (16 units a year) development projects in the South Jersey/Philadelphia market.The goal is to build and sell 12 months.Since development is new to me, I need some guidance from experienced developer.

In my estimation this would be a Denver Real Estate mastermind, where we meet regularly, discuss our current status, our goals, and help each other progress forward.