The "fine print" here is fairly sizeable upfront fees and high interest rates, relative to a traditional construction loan from a bank.  

More in the midwest.I was thinking Vegas because it’s relatively closer to manage when necessary.I realize there isn’t any 1% or 2% rule in LV.Thank you

I generally rule out most single family homes as viable rentals, as prices are pretty high relative to rents, so aside from some downtown neighborhoods, typically you do not find large areas of single family rental neighborhoods (a median sale price on a 3 bed, 2 bath home so far this year in Dane County on MLS sales data is at $430k). 

A word of caution related to any kind of mortgage: if you get money from your parents and you plan to repay them, then it's not a gift.

I would start a water line replcement business make far more money doing that than we would owing rentals :) On a related subject you have the waste lines that were clay etc.

For a 1-4 unit in a cheaper cash-flowing market a the costs to refinance are not cheap relative to the equity being pulled out in many/most cases. 

I have some relatives that will never leave the safety net of a job  or even invest in RE due to the not thinking outside of the box (or cubicle).

page=LoadVirtualDoc&BookmarkID=6536) that capped annual increases to the Taxable Value of a property to the lower of 5% or Michigan's Cost of Living increase.

I was typing this out from my profile page.

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.