In your experience, do you find that it's possible to cashflow or at least break even with these properties and today's prices/rates?

What is your experience? 

From my experience, they are two different mindsets.

@Stephanie Menard, a few comments based on my own experience.1.

From my experience the first team member to recruit will be a local Project Manager-someone who wants to help you long term as your eyes in the field and boots on the ground. 

On the other hand, I feel one of the main advantages of passive investments (via syndication/crowdfunding) is that I can hire a manager who has years more experience than I can ever hope to obtain myself.

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

I have 0 experience ground up construction loan program nationwide that does NOT require GC to sign anything, only provide proof of 3 C/O's (certificate of occupancy) over the last year I.e. built received occupancy permission now unit is on market or habitable. 700+ FICO I can get you 80%LTC loan to cost on the project on ground up construction for 1-4 units.

This is from personal experience, the housing authority is the problem.

My experience has always been better with a local lender.With that said, I am reaching out to David Greene's The One Brokerage about a refinance.