Short‑term rentals can be phase two once you’ve got a manager, clear regulations, and reserves.

For the Pilsen property, what's the age of the roof, mechanicals, plumbing, electrical, windows, etc? 

How much for plumbing, hvac, electrical, what needs to be done in each of those 3 categories.”  

Life-safety and habitability issues (like plumbing leaks, HVAC, or electrical hazards) are usually handled immediately, but make sure your management agreement defines those clearly.

Land has all the utilities and is in residential and zoned mixed commercial/ multi familyit will be difficult for anyone to give you an answer since you will need to look intothe zoning rules and regulations, you could build a 100 story apartment building, a mobile home park or absolutley nothing - it will depend on the zoninig.from there you need to then do a market study to see if what you want to build will actually be profitable.

OKC has some short term regulations now (as well as a few of the suburbs.) 

Rent increases are strictly regulated.

Before you swing a hammer, confirm clean title, redeemed taxes, code liens, and permit history; get utilities on and do a full safety check: roof, foundation, electrical, plumbing, HVAC, and sewer.

For an 8–12 unit in your area, pick a tight buy box and underwrite like a business: verify in‑place rent rolls, trailing expenses, and any deferred CapEx (roofs, plumbing, parking).

But once you’re talking about bigger projects that touch plumbing, electrical, or anything structural, that’s when a licensed contractor is the smarter move.