I'm in commercial construction lending and developers frequently talk about the price of labor being a major cost that is limiting the financial feasibility of some projects.

Hello everyone Devon here from Sunny SouthWest Florida(Estero), a little bit about me I am new license Real Estate Agent in Florida and I do have some real world experience in Rentals(New York area, Georgia) I would say far from a professional at it :-)  My professional background is in Software Development and Cloud Architect(AWS,Google) and Online Marketing.As I get older I am feeling the urge to go FT into Real Estate and enjoying the ups and downs of investing into Real Estate.I am definitely looking forward to sharing what I  know and experience I have in addition I am definitely looking forward to learning so much from all of you guys.Hopefully I will get the chance to meet some of you guys offline.- "Meet you on the beaches of the world"

The larger properties in the 100s of unit range tend to be owned by larger companies who have developed systems to maximize returns over the long run. 

We have our first small development in the works—a parcel that we will be subdividing into three lots.

Want to get thoughts on the location, possible future development potential.

As you connect with sponsors that resonate with you, take the time to develop a relationship with them.

I am looking to develop a relationship with someone who can advise on tax questions and prepare my taxes every year.

If you have not already, I highly recommend expanding on that goal, really working out the details of where you want to be in 10-years (develop a vision).

This will help you develop a plan to get there. 

I am evaluating a few options to improve this situation, one is "status quo" i.e wait another year and then decide since the next rent increase will improve the situation a little, two is to add a detached ADU which I have researched to confirm both feasibility and strong economics, and three is to see about selling the property as a development lot for multifamily, then using the proceeds on another investment.