Keep in mind even their prices can vary widely, and until you have more experience, it will be hard to differentiate between reasonable and not. 

Like any investment, I always want to be mindful to not act on emotion. 

You also need about 20-30% down on land loans so keep that in mind!

In my mind it makes more sense to be managing the project to keep it moving along, while doing a portion of the work myself to keep costs down.  

I’m weighing this as a potential long-term hold, but want to be mindful of any unique risks that come with this structure.

In my mind, out of state investing means extending the education and research phase and pushing the 1 year goal to maybe a 2 year goal.

If you don’t mind my asking, what PMS do you use?

Hopefully, you've approved a bid they submitted, so the cost is fixed - unless they can document the need for acceptable change orders.If they are charging hourly, then, yes, they may be able to charge you more the longer it takes.Keep in mind, your PMC is unlikely to have an exterminator and other licensed contractors on staff.

I’m a longtime investor here in Massachusetts and looking to start a monthly meetup with like-minded investors.

Just keep in mind, the costs of setting up and maintaining an LLC and the bank account that goes with it, not exorbitant but important to consider.I'm not a CPA or an attorney, but I would suggest taking the time to diligently put together a trusted team to facilitate your long and successful investment journey!