One more reason why people should stop looking for the easy path to building wealth.Increase earnings, reduce expenses, save, and invest.

If  you build your foundation in anything in life illegally is it a firm foundation?

I just started as a real estate agent and I am looking to build connections with investors.

So focus on lead generation.Once you have that covered, then yes you do need to have a bit of insight on the workings of the transaction.But all this should be easy to figure out the moment you keep commonsense in play.Start with getting in touch with a wholesaler-friendly attorney for your closings (if you are in an attorney state), and build a relationship with him (that is also what I did)..He should guide you along the way as you go.

Looking to rent for $175/night min and total estimate is $100k for the build, aiming for 20% CoC.Any pitfalls/advice for this uncharted territory?

Find someone in the neighborhood of your building to help you out.

Hoping for $325,000 for the build (budgeting for $400,000 with overages).

Have the co-op take out a loan for 60% of building value, then charge buyers 20% of value in cash for each unit. 

You can build the tool yourself but it will take time. 

Housing mix will change; more condos and co-ops and multi-family apartment buildings.