1. you're right in the new ones from developers don't produce any cashflow. you might want to look at the secondary market to get better yields as the properties are already built and can cashflow right away. also easier to see comparable rents in the same development. check bank repos, distressed sellers and the like. you might also want to get a parking slot for added income as they can be leased out separately. it's also quite difficult to sell without one should you decide down the road. developers usually have an in-house leasing team to handle property management which we use for some of our properties.  

In addition my investor is exploring the option of getting a variance to add a parking spot in the backyard of the property.

For example lets take a paved parking lot:1.

Do you also have a deeded parking spot?

Obviously, a ranch would be the best, size has to be big enough, with plenty of space for parking so families can come to visit, and if it's located at an easily spot location would be even better. 

Ball parking the monthly PIPMI payment @10% down and the PI payment @ 20%, you're looking at a difference in your monthly payment of $551.84.

As we renovated the property, added perimeter parking for cars/boats/RV and commercial vehicles and filled up the office bldg the cash flow was over $50K/month.

But those types of numbers are typically in the 'rarified air' of institutional investors that are looking to park $100 million for some low rate of return.  

@Caleb Brake   I've been working and investing in this market for about 25 years now. 

@Tony HerlambangGetting a LLc for every single family is like wearing a helmet and a Covid mask when sitting in the drivers seat with your seatbelt on in an empty parking lot alone with your car in park.