Tear down an Orlando Ranch to build a Fourplex?
I want to tear down a 1600 sq ft ranch in a hot infill area of Orlando called SODO (south of downtown) and build a fourplex for rent and hold. Currently cash flows ~$1000 per month. There is no mortgage So land is totally owned and after completion, Cash flow will be significantly greater. Debt will be construction only. That is why I want to convert it....more doors per acre.The lot is 140ft wide x 100ft deep. Zoning is R2-A. This means it can hypothetically carry a 4 unit multi family max at the regulated density but with FAR restrictions of 0.30 meaning the total living sq ft will be limited to about 4200. Has anyone worked with City authorities to get zoning approval for this type of project... Orlando or otherwise? Any other tips/advice in getting Municipal buy-in/Agreement? Thanks in advance.