Most of my CFO clients that are in residential development are looking for IRRs (usually over a minimum 5-year period) in the high teens and the commercial developers are looking in the low to mid 20% range.

Rate will be highly dependent on loan size, credit score, LTV, location, and property type, as well as a few other factors.

Also in many areas prices are very high.

I am a highly motivated individual, however, and I'm dedicated to getting into real estate investing.  

My answer would certainly be highly dependent on his own emotional make up, his desire to relax and travel, his willingness to delegate and outsource, etc.

You have to have exit values of single family homes high enough where build cost can work.

to be clear - lots of other issues, lots of other challenges, and BRRRR is difficult right now with interest rates so high. 

Now that is a very high level example but the appreciation is not gone if that makes sense you will capture the ballpark same appreciation if the properties are comparable.  

During this time, I found myself unemployed and having difficulty finding a new job due to not completing my degree or having formal training beyond high school or military.

That way, there is some type of cushion to help against any high usage months, should they just happen to use more than your previous tenants did, or if you unfortunately get tenants who abuse the "utilities included" opportunity.