Normally we would wait till most of the first units are rented but wanted to get these purchased in 2023.  

I have never purchased anything 'perfect' but all of my rentals could have been rented as they were upon purchasing them. 

Purchase price: $275,000 Cash invested: $275,000About this homeBeautiful 2 bedrooms 1 bathroom condo in the convenient location of Rowland Heights, close to bus stop, supermarket, schools, shopping centers etc. newer counter top in kitchen and bathroom. 2 parking spaces and storage room.

This sounds like a home run and a great first purchase!!

Also, you are not going to be able to purchase a property subject to if you are dealing with a realtor. 

They also didn't get hit with capital gains on the entire purchase price, which enables them to keep more of their money. 

Quote from @Devin James: Gross Margin is an important calculation for developers/builders.Gross Margin = Gross Profit / RevenueWe shoot for a 20% gross margin on our New Construction HomesReal #’s:Home Sales Price: $374KClosing Cost: $18,700Cost of Construction: $258KLand Cost: $30KGross Profit = $67K$67K/$374K = 17.9% Gross MarginCame slightly short of our goal of 20%Homes Values and Build Costs are constantly fluctuatingI wish we had a crystal ball build larger homes. average new build in our market is 2200 square feet, 4 beds, 3 baths, 2 car garage and sells for 515k. construction costs lower if design is good and find the median or average home sale price and push that up. my guess is you built too small. 347k is cheap. we target 429-479k price range in columbus ohio for single family homes and also only purchase close to urban core where premiums are 20% higher and we build smaller like 1500 sq ft where price per square foot goes up. 

Purchase price: $1,200,000 This is a 100+ pad community located near Downtown Bloomington (Near Indiana University).

Purchase price: $1,200,000 This is a 100+ pad community located near Downtown Bloomington (Near Indiana University).

I imagine the only way it would be possible is to do the bulk purchase in cash, sell off a couple and then put debt on them?