I will go see samples but figured you folks could give a definitive thumbs down if this is just today's version of cheap linoleum.

To clarify, I want help on figuring out how to pencil a deal that has positive cash flow.

I wouldn't consider it a heavy negative unless the street is super tight and parking is hard to come by or if the street is very steep/busy.The more desirable dense city neighborhoods it's almost kind of expected and off street parking would be considered a luxury rather than a necessity.If you get out into the suburbs I would say it's more of a big deal since more rentals have off street parking or a garage there.

I have 2 options:- finance the construction pre-selling the apt, and take my profits (expected to be around 700K pre-tax); or- finance the construction with a 6-7%/year loan (collateral = my house), keep the 10 units, and once the building is completed in 24 months, rent them for circa 180K/ year gross.

PMs can minimize their suffering from unrealistic expectations by showing comparable properties that are on the market for rent and having a discussion with the landlord as to how their property compares and how his property can be more attractive to renters.Landlords are running a business. 

I’ve seen people buy land thinking water was covered only to find out they had to pay 6 figures to get water re-routes or upgrade pump stations.

A 1%- and 2%- rule property is hugely better in California compared to Costa Rica because you can leverage in California and you can't in Costa Rica (notwithstanding the fact the risk is higher in Costa Rica too so you'd actually expect a higher return there).

Hey Jonathan, Best way to learn is to go to every meet up you can and ask a tons of questions and listen to the stories of experiences investors to figure out which route you want to take in your journey.

@Rafael Valdor some advice when screening PMCs-----------------------------------------------------------------------------------------------------Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Read those relevant parts and figure out how far in advance you must give eviction notice, how to handle evictions with no lease, etc.2.