While a cap rate will give you a general idea of what the market is willing to pay, that a) doesn't make it necessarily worth that to you and b) doesn't mean the seller will accept that price.But the bigger piece is knowing what your return threshold is.  

And of course, being the "guru" he makes the most dangerous assumptions that "guru"s have, they know it all.

Super glad you got your first piece of RE completed and best of luck to you in future projects!

Lake City is a rural area where families will purchase a piece of land then put several mobile homes on it so they can be close together.

You could just hire him to build; the PM piece shouldn't be tied to the JV - they get the business if they do a good job and it should be equitable fee's for the area. 

I have a piece of land that I wanted to build to rent or build to sell. 

Good evening Bigger Pockets People, I am looking to Purchase a piece of Rental Real Estate in the Tri-State Area (Philly, South Jersey, Delaware). 

I own properties in the Midwest.Biggest piece of advice..

.- Wall color: light gray, satin gloss- Trim color: natural white, semi gloss- Trim type: 6" baseboard- Counter: Quartz, eased edge (https://www.lowes.com/l/quartz-countertops.html), $44sqft "A" class, gray--forget the name, or the beige (Tina really needs to go the Lowes and look at all pieces together.- Backsplash: Picked out already.

The texture will hold water, and the more sill, the more water it catches.It also looks like there wasn't any caulking around the trim pieces, which means water is going to collect in between them and behind the tile no matter what.