Something else is also to build a team, don't use all the subs that a contractor recommend have your own you test out so you have more control in case something goes wrong and you need to boot someone.  

Ideally spending under 800k.

They will code the property, the category it belongs to, and pass that to the accounting department.If you hire a general bookkeeper, you might see that problem of coding it completely wrong versus someone that focuses mainly on real estate.To give you a bit of an insight, I am a developmental controller and I am currently handling over $200 Million in transactions for residential/developments. 

@Dan Mitchell If I didn't know who was in my house and my PM was out of business, I would be on a plane out there to get the situation under control.

Also, I live in south Minneapolis and spend a lot of time in the south metro if you would ever like to connect.Best,Kurt 

(oh and if you have $150k to invest, only spend $120k or so.

Thoughts on controlling the cost of the diligence vs the actual interest earned also appreciated.

Thanks in advance and I am looking forward to spending more time on these forums and making connections with people in my area and around the country.

Here's some math:His lot is worth $50,000You spend $100,000 to build the house, closing costs, etc.The house sells for $200,000The builder gets $50,000 plus 1/3 of the profitYou get $100,000 plus 2/3 of the profit

All can be controlled with my voice or phone