I understand the safest option is to have a lawyer review the lease, but I figured I'd try to answer my beginner questions here and not waste the lawyers time (and my money) on the "for dummies" explanation.Thank you!

The checking account can act as the home for the funds until you deploy the money into and investment, then all expenses and returns flow from and into that checking account that you control. 

First - You should be investing to make money and a return.

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and if you don't have enough money to house hack in San Diego... save up until you do.and if you want to move somewhere else, house hack there. 

If you have extra money that you haven't earmarked for additional RE I would do TSM index funds for a truly passive investment. 

Hi @Tyler Bolton I hope I can help clarify given I see a lot of muddled points of view on these matters online.  

You can find online which larger institutions are buying in a specific area and try and reach out to them.

Obviously it will cost money, get some quotes.

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.