Build-to-Rent as a business model? Who has experience with this?

[Joseph Cacciapaglia]

I have a bunch of out of state clients that like relatively turn-key single family and small multifamily properties here in San Antonio. It's been getting more and more difficult to find great deals for all of them lately, so I've been exploring the idea of either building some for-rent housing units myself and selling them as turnkey properties, or assisting clients with this process of building their own for-rent units. Despite the rapid price appreciation of housing, there are plenty of infill lots available in decent rental areas.

If you're currently implementing a build-to-rent strategy, I'd love to hear your thoughts about the major risks and downsides lurking in the business model. I don't hear a lot of people talking about it, so I'm guessing it must be a lot tougher than my initial research has led me to believe.