There are just numerous variables and calculations you must analyze to check. 

Working with a CPA can help you navigate tax implications, and staying focused on long-term planning will set you up for success.

I wouldn't know the areas to look out for or to stay away from so any advice would be awesome!

Markets stay flat for five years and you've been bleeding cash then what?

To streamline design choices, create a design guide or "mood board" beforehand to stay consistent with finishes that match the neighborhood's expectations.For monitoring progress, a property manager can sometimes oversee construction, but it’s typically better to rely on the GC for updates.

And personally, I stay away from OH because it's what herd think has long been and I worry how much of price is based on herd-actions or market metrics. 

I know if I stay consistent, something will drop.  

When i read about how their deal was really messed up with most investor probably going to take huge loss's its not shocking.. you have to stay right on top of these and have the manpower to do it.

For this, I'd recommend being prepared with the terms you're willing to accept in such a situation and staying firm.

Can stay in the same budget and use the excess to invest or trade up.