. - New construction will be comped against other new construction - Start out with enough comps to justify the price point- keep the area tight to consolidate the risk vs building one or two in different parts of the same neighborhood. 

Been hesitant to pull money out of risk free 5% yield + stock market for a rental property but at some point hope to do so when it feels like it makes sense.

In other words, if you can get it going, you are taking a lot of risk to build something that isn’t the most valuable thing you could build

Maybe there is severe hurricane risk, but it is something I would look into. 

My take is that a Host should be personally involved as much as possible.

Now I'm really torn, but think it just has to kill it for the issues of risk.

What's the risk or cost to you if you face an eviction or a bad tenant because you used basic screening techniques? 

A good PM should protect your interests and anticipate potential risks like this.Let me know how it all shakes out!

And no matter what, keep an eye on how your financing structure lines up with your exit strategy.Where do you see the biggest risk.. sinking money into improvements or letting the buy back linger too long?

Closing CostsMake sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction.