New 6-8 Small Home Cluster Development
I'm seriously looking at some land that is being offered for a low price because the developer will need to extend all the utilities and road/sidewalk improvements to the site. I'm currently building a Mixed-Use project with 5 unit apartments and an office and my capital is all in on this. In order to purchase this land, I would need to hold it for at least a year to build up equity and cash to begin construction for the next project. My questions are as follows:
1. Can you suggest a creative way to "purchase" the land, with owner finance for 1 or 2 years?
2. If this works and we own the land.... We will need to start construction and get appropriate lending. We plan on building 6-8 850-1600sf small houses but may have to break it up into two phases. Any suggestions on what type of loan we should try for and any other ideas on approach?
3. Once we build out the project I may need to sell 4 houses to cover costs and because the rent may not cover unless I do this. Any strategy on selling and avoiding large capital gains tax? If I don't make a profit by keeping 2-4 houses will I still be assigned capital gains?
Thanks for your feedback on one or all of the preceding questions.
Sean