Getting started with rentals

[Billy Hopper]

I have 40 acres in an Arkansas town of 3000. No jobs. Lots of retirees. Somewhat a tourist town.

My land has no mortgage.

I'd like to build 5-10 single family rentals but I'm worried about cash flow on new construction.

Looking for advice and ideas to help get started. 

[Jonathan Taylor Smith]

@Billy Hopper - I had some vacant land in NC for which I was able to locate a builder who was very active in the area and who already had many plans to choose from that he could build for a set price. This let me know going in exactly what my cost of construction would be, and I already knew my holding costs. Now I opted to sell the completed home (which actually came in slightly UNDER budget) - but my Plan B was to make it a rental. And since I knew what such a house would rent for in my market, I was certain that I'd be cash-flow positive as a rental if for some reason I decided not to sell. So I'd start with finding an active builder of spec homes in your area.