I am very new to the concept of investing and I have a few questions.

It’s a simple in concept but extremely detailed and paperwork / knowledge intensive strategy.

If you want to sell the concept of the project, then I would try to get your neighbors into a contract and find developers that would be interested in pursuing it.

I get the concept. 

The concept is furnished rentals that are rented for short terms as short as 1 day to 30days or longer if you desire.I'm a newbie. 

Very quickly the major markets & players in those markets will become clear to you as we frequent these pages often.As for the concept of buying out of state remember that It's not really that complicated to buy out of state.

@Cory Harris I agree with @Ericka Grant Do one yourself and maybe she'll become more comfortable with the concept of REI.

I don’t feel I have a good grasp on this concept and have been looking online for other explanations, but it still has yet to click.

When flip is complete need to wipe out all property asset accounts to cost of property sold with a journal entry after putting in your closing statement entries.

I LOVE the idea of househacking -- unfortunately I found BP & the househacking concept after I bought my own primary residence last year.