Just throwing ideas out there.

I really like the idea of building in that 10-15% buffer for the unexpected.

Does anyone know, or have a good idea, about the difference in returns on entitling & developing the land for each scenario, with final objective to sell to a builder to build and sell the structures him/herself.  

How legit is their practice if you have an idea about it?

Quote from @Travis Timmons: It's a great idea if you can swing it.

It's going to be more about your confidence in the market that you can afford than anything else, so the primary thing is to look up a few areas you might be able to afford and then look for someone local that can hop on a call to give you an idea about what investing there is like. 

But from an investment diversity perspective, Its never a bad idea to diversify."

I definitely like your ideas of focusing on location and trying to get my downpayment closer to 10% rather than 3.5%. 

It's a great idea to think of everything in MTR from the somewhat unusual perspective of the traveler.

I suppose I could combine the two ideas and live in a basement while renting out a 2 bedroom home to a traveling agency.