BUT, per comments above, certain elements of the deal (condos in a hurricane zone), can change everything as lenders consider the "what ifs". 

One has to understand what you’re buying and how to perform due diligence on the important elements.

Thus, I will need to prioritize what gets done so we don't run out of funds and have key elements not completed.We could do this development without the Ponds, but that is part of the draw factor to the Subdivision.Subject to County approval:  Priorities.1. 

I think the podcast lost its DIY element.

The positives are elements that you mentioned: Enhanced buyer pool.

Thanks for posting this so I can learn more about how to connect these two important elements.

It also comes with a restaurant that hasn’t been in service for 40 years, but the structure is in surprisingly good shape.Here’s what I’m thinking through so far:Standard due diligence: +Phase 1 and 2 environmental, city plans/zoning, health department approvals for bringing the restaurant back online.Talking to the Army Corps of Engineers and the local harbormaster about dredging (not something I’d do immediately but want to know long-term outlook) and figure out generic cost for budgeting purposes. 

Looking to see if I'm not thinking of something or if I'm way off in left field for an offer price.Asking Price: $469,000Units 1-7: $650Unit 8: $500Unit 9: $950Unit 10: $200 (does maintenance and lawn care for reduced rent)Total:  $6200 gross monthly rent (trash, water, and lawn care provided in rent) // $74,400/Annually*All units MTM currently*Expenses: 50% or $3100/monthly // $37,200/AnnuallyNOI: $3100/month // $37,200/AnnuallyAt an 8% cap rate = $348,500 Offer PriceAt a 9% cap rate = $309,778 Offer Price *Note: The county environmental office DOES NOT have any septic permits on file - I would need to file for all 10 septic permits for ~$7K-$10K.

I’ve seen it thrown around a lot, but honestly, it seems kind of arbitrary sometimes.What elements are typically considered when calculating ARV?

perhaps a Joint Venture would be better for a novice small investment :from Google:How Joint Ventures Are Structured Entity Joint Venture:Partners form a new legal entity, like a Limited Liability Company (LLC) or limited partnership, which owns the property and manages the venture.Contractual Joint Venture:No new legal entity is formed; instead, the parties' rights and obligations are defined by a comprehensive contract.Equity/Non-Equity Joint Venture:Equity JV: All parties contribute capital to the venture.Non-Equity JV: One party provides services, expertise, or other non-monetary resources instead of capital.Key Elements of a JV AgreementCapital Contributions: Specifies the amount and timing of capital each member will contribute.