House hacking will also give you some personal "property management" experience.

You could structure a joint venture agreement but make sure you lay out the following: - Purpose of the Venture- Contributions- Ownership and Profit Sharing- Decision-Making- Management- Duration and Termination- Liability and Risk Allocation

(I am not a lawyer, just a 20+ year former HOA manager).

STR - If it needs a full gut, and it's in a great location for long term STR success

Describe your property and location.  

I would send your client to a really great architect like Jones Pierce who has the expertise to get their dreams onto paper and properly manage the homebuilder. 

I could also increase the NOI by taking over management myself.Seller is motivated to sell because he's out of the area and trying to consolidate his holdings for easier management.  

We own and manage a couple of small multifamily homes. 

My PM, Kristy Trentman with Daisy Lane Property Management was there.

If it's within an HOA, call the HOA's property management company and ask them if they know any of the history of the lot and if they see any constraints to building it and what steps it would take with them to build on it in conformance with their CC&R's.