And preparing a building site and installing a driveway are further considerations if I even decide to build something there.

The two existing LTR units (on my family’s property) were built 5–8 years ago at a cost of about $80,000 per unit, so I’m estimating a 20% increase in costs for the new builds.My plan is to use the equity in the land as the down payment for the construction loan, which I expect will make closing costs the primary upfront expense.

The court forms do not track this type of eviction so based on your sophistication you may spend a considerable amount of time and if you are off in the slightest the court will withhold judgment. 

Your estimate seems low, but even at that cost, it will not add that value.  

After my P.M. costs I collect $940 or so/month. 

Another note on construction cost, going vertical is very expensive now and would require have a great connect with a developer and a builder in the area.See what rents are in the area and run the numbers to ensure the rents will cover your costs and give you a solid return—using the 1% rule can help.

Travel costs to look at other properties.If you travel but have not identified the property that you want to buy yet, the cost is considered an investigating cost.

.#8 I would consider your inspection cost a very cheap crash course in buying long distance investment properties. 

I know that interest on the acquisition loan can be included in the cost basis since it’s inventory.

At the current cost to build estimate $150/sqft, It appears a 1500-1700 sqft new construction will need to sale for around 399,9k to make a decent profit.