I'm pretty knew to real estate and don't know much at this moment but I'm looking into buying my first property. I've seen a post for a small lot in a residential neighborhood. I could put down 50% or more. It says that it is a Multi-Family zoned lot. Since it's not in the best part in town and I would not have the money to build a house on it yet anyway, I was thinking that I could potentially turn it into a parking lot and rent out spaces either monthly for residents or hourly for people that need to go shopping in order to create cash flow until I can build on it. Is this something, I would legally be allowed to do? Does anybody has some input and/or can provide some guidance on this subject? Or knows somebody that could? Thanks all for reading!
You need to go look at your City's Municipal code. This is the mechanics of zoning as in what can and can't go where. Specifically what you are looking for will probably be in a table of some sort that will be titled "allowable uses" and/or "separately regulated uses". So if this was in San Diego, a parking lot is an allowable stand alone use in certain zones like a commercial zone, but not in a residential zone...not even in a residential multi-family zone. It is what is termed an accessory use, meaning it has to go with something else i.e. a residence.
Further it isn't a limited or conditional use, these are things that you can do but only with certain criteria or permits. This would be like a residential care facility is allowed, but you need to obtain a conditional use permit, which allows the city to review the site ect and decide that it will be ok in that area.
That doesn't mean your code is the same, just gives you an idea what you are looking.
Thanks @ Matt. I'll definitely check the Municipal Code for the city the lot is in and see. I appreciate it!