I’ve been building spec homes in Charlotte and Concord since 2015.

cant argue with anything you said.BOA bought country wide Mazzilla ( sic) long gone .Also in many markets builders got 100% financing on spec loans got 20 to 50 houses going then it imploded.My self I was up to my eye balls foreclosing on BRRRR folks who could not refinance and could not get out of my HML that's how I ended up owning about 200 homes back then..

For example, you can't give a holiday gift to only who you think are good tenants because one of them would post "Thanks Sam for the $25 AMC movies GC my boy friend and I saw Avengers last night xoxo" then your other tenants who didn't get a GC will feel left out.I visit my properties once a month for regular maintenance, mostly for little stuff, like changing AC filters, test smoke alarm batteries, test GFCI receptacles, pour bleach down AC condensate drain lines, exercise water supply stop valves, feel under any drains to check leakage, test water heater T&P valves, etc etc etc...they do not need to be done monthly but that's what I do at each property. 

I know a builder that was scanning CL looking for some lots to spec build on.

Some spec, some custom as GC and some build to suit.

Good news The banks are prepared to work with owners the same way so it’s going to be a pass through situation.I had a chat with my Portland Oregon Banker on Wednesday about our projects and we are still good for spec loans.. their bigger concern is dental Practices and cosmetic surgery clients they have a VERY big book of dentists and doctors.. 

Looking at your profile, this is also your first major rehab, although last year you had a spec build done.We know nothing about who you have working on this -- in the best-case scenario, it's the same people who did the spec build and you have significant experience working with them.

And a lot of people seem to be doing spec development, which I am not sure there will be critical mass in many markets to really see the appreciation, rent levels, and at this point occupancy to achieve proforma returns. 

I had a nice chat with my Bank in Portland OR last week I have 30 lots ready for spec loans and they still are going to give me 12 loans.. we have over 30 folks on our waiting list.. its a pretty cool site so that could be part of it.. but in that market there is still a shortage of houses you see some small concessions but if this cycles in 60 to 90 days my inventory will be ready late Q 4 early Q 1 so we sure hope and prey we all stabilize this summer.

There are not huge stockpiles of subprime loans being give to anything with a heart beat and spec builders buying at market or above while value increases within 4-6 months.