From the STR perspective, condos - especially smaller 1- and 2- bedroom units - are also a poor choice in crowded markets like Orlando and Miami.  

Yes & no - I see what your perspective is in terms of doing due diligence, but its up to the current owner to allow you to do that. 

The lot I'm interested is in town, has access water & sewer available, from all perspectives what are things that are different than buying a traditional pre-built home.

@Thomas Blocker Wanted to chime in with perspective here, as we have designed, permitted, and built ~100 ADUs in San Diego County.

I know markets are different than when the book was written and I do not know fully about the market today so it does put things into perspective for me from a person who is actually in the market right now.

From your tenant's perspective; you purchased the duplex, jacked up his rent, and moved a bunch of people in next door.

You will meet people from different walks of life that will give you different perspectives on real estate investing.

Many people who have taken both that I've spoken with also say that the CPA exams are harder than the BAR exams if that gives you perspective.

Gives the perspective on why it takes some balls to get into the new construction game.

From my perspective, the new builds are so competitive with both the prices, closing cost assistance and rate buy-downs that they are a clear choice for anyone looking at turnkey options.