I am local in Arlington and do pay significantly less than $200/pier but I have developed a strong relationship with my foundation contractor and give him multiple jobs a year. 

The "art" part of it comes at minimizing turnover & vacancy while increasing revenue.

Most developers would just utilize the extra yard space for outdoor storage.

Currently, I have a ton of equity in my home (valued at ~$4M), have good credit (800+), and despite being between jobs and without a steady income, have the capital now to invest and want to develop a plan so I can take action in one shape or another.

I would cash out if I didn't see a path to positive revenue. 

Its just a revenue stream Nothing more nothing less.when I see them I push back and tell them I am not going to pay it. 

Hey,So after exploring all the different options I have decided that my best best is to develop a multi-family in these areas.

Tulsa has some promising areas for new construction, especially at the price point you're aiming for.You might want to check out East Tulsa and Broken Arrow —both have been seeing growth, and new construction options can still be found under $200K in some developments.

The IRS requires the hours to be specifically in real estate trades or businesses, which typically means activities directly related to owning, developing, operating, or managing real estate properties.IRS Publication 925 outlines what counts as real estate trade or business activities, like development, construction, acquisition, management, leasing, and rental operations.

So outsourcing some degree of property mgmt would be a must... but the deal won't work paying a local property manager a large % of my revenue...Instead, I would set up my "boots on the ground" (cleaners, handyman), and would need an offshore virtual assistant to manage guests and coordination of my local team.