@David F.As Russell mentioned co-ops are probably 1/2 the price of a condo and you would also have extensive costs to set up a co-op and typically it’s my understanding the builder funds the first 1-2 years of reserves.

These investments often don't cash flow a ton but they are turn key with a builder's warranty and a great place to park money and enjoy the tax benefits.

You should look into new construction, A builder like Lennar in Bulverde area.

Another note on construction cost, going vertical is very expensive now and would require have a great connect with a developer and a builder in the area.See what rents are in the area and run the numbers to ensure the rents will cover your costs and give you a solid return—using the 1% rule can help.

Builder tore down the single family and built two single families on the lot.

I have newer properties that spec builders just through up and have issues with. 

This person can then get you set up with a builder, if necessary, lending, Insurance, and property management.  

In Akron, there are 'A' properties in 'D-' neighborhoods (over by the zoo) where builders build affordable housing.

We have 11 properties under mgmt with them, all built by their preferred builder. 

I manage hundreds of rentals and most of them are caulked every 5 - 10 years.DR Horton was the builder, and after we did two inspections and closed on the house, we found out that a good chunk of the roof was missing - they quickly finished the roofing.