Your primary strategy should be to have the Contractor and all Subcontractors add you to their insurance policy as Additional Insured. 

In addition, all Rent payments hereunder not made within five (5) days of the due date shall bear interest at the rate of one and one-half percent (1-1/2%) per month"The monthly rent is $1550 so the late fee is easy - I've set the account to charge 5% if the rent isn't received within the 10 days stated ($77.50).

In addition, condos tend to not appreciate as fast in value compared to single-family or multi-family homes. 

In addition, suncoast will charge you a 1 month rent just to get the property filled, so you are already starting off massively underwater.

Unless you're in a Class A Neighborhood like Palmer Woods, Indian Village, Sherwood, etc,. the additional rent probably won't support the cost to build:(More profitable to take the build funds and buy another property.DM us if you'd like to discuss more...

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The loan will be on the additional collateral you created.

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

Yes, I’ll check with regional building, but curious for additional thoughts here.

Without population growth, your rental income will lag behind inflation, requiring you to find additional sources of income.How long your rental income lasts depends on the job growth in the investment city.Non-government jobs are inherently temporary.