Quote from @Addy Chupa: When analyzing deals, I usually include a 5% vacancy factor and 5% repair factor based on annual rent.

Market fundamentals and economic factors seem strong and promising.

It's designed to ensure someone nearby can manage things responsibly.Your plan to hire a local person for emergencies and other tasks is a great workaround.

Get a good architect first and design what you need don't jump the gun. 

The best market for YOU, is the market that fit's YOU; you're situation, your preferences, you're resources, your knowledge level, you're risk aversion and about 40 other personalized factors to you. 

That’s before factoring in utilities or each personal situation.

I also renovated houses and own an interior design and renovation business. 

The differing factor, IMO, is whether you're working with an HML/PML or a traditional bank/credit union.

Skyline (Designed for institutional investors and asset managers focused on commercial portfolios). 

I'll post updates here in case anyone wants to follow along.We syndicated in the states to fundraise enough for architectural renders, entitlement, legal, and to pay off the land. 1/4 of total funds required have been deposited in our bank account.Convinced a world-class architect to do luxury design for us.