There are experienced PM's on here such as myself willing to coach and give advice. 

I’m trying to familiarize myself with the area more thoroughly.it seems to have a stable increase in prices.Since I plan to live in the property initially, breaking even in the first year is my main goal. (5% down; PMI removed with renovation)However, I’m also wondering if it’s feasible to have some cash flow from such rentals, or if the risk of vacancy is high in this market.Any guidance or pointers from those experienced in this area would be greatly appreciated!

I'm really hoping to make some connections and work with and learn from more experienced investors in the community.

Separately, if I experienced flooding in the past and did major plumbing renovation work to resolve the issue, do I still need to disclose these resolved issues? 

Quote from @Andrew Steffens: There are probably more experienced people on this type strategy who will hopefully chime in. 

I want to start building our portfolio and would love some experienced help with direction.Over the past ten years, it seems like I've had numerous deals/ideas that just didn't come to fruition and I'm just feeling a bit defeated. 

Address Your Financial ProfileBridge the Revenue Gap: Highlight your equity in the duplex and use your sale proceeds to demonstrate “skin in the game.”Partner to Compensate Experience: A financially strong and experienced partner can help offset your limited track record.Focus on the Land Deal: Secure the land at a good price, as it’s a crucial step in gaining credibility and attracting partners.Final ThoughtsYou’re entering an exciting and impactful space in real estate development.

Start by networking through local meetups, REIA groups, and online communities like BiggerPockets to connect with experienced investors.

Every investor, even the experienced ones, has that “Did I mess up?”

A good, experienced borrower can turn around even an unexpectedly bad deal.