I've developed some great relationships and also a business partner from these meetings.

For example, Bali’s real estate market has attracted interest from international investors due to its growing tourism industry and development potential.

So are you saying we should go with an LTR first and develop some knowledge/experience before getting into STR's?

This gives people little reason to choose older existing homes over new developments.

The list may be on Michigan state Housing Development Authority website.

Essentially, this follows the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method, but with the twist of continually developing more homes on the same piece of land.Do you think this strategy makes sense?

Yes, I've closed on 4, rehabbed them, and they are all rented with tenants in place :)OK, and for these deals, I assume you use your own funds to acquire and rehab.With private money, you're now substituting some individual's funds for your own.However, unlike when it was just your money, you'll need to proceed with extreme caution to make certain your lenders are well protected if/when things don't go as planned.Private lending is its own whole profession.

I purchased the property after reading Brandon Turner's Rental Property Investing, and with what I learned, planned to purchase 1 property per year for 7 years to develop a solid stream of passive income.

BUT, I am confident that while the above covers MOST situations, in a country of 300 million + people there are locations where a 12% ROI exists for a car lot - though you may be giving up the “windfall” of a developer wanting and willing to pay a premium for your lot.  

Most times things don't go to plan in one way or another.You need to develop your project management skills because that is how you eat a loss on one area and manage the project to success.