Ten acres in Texas with a mobile home to start is a smart way to get your foot in the door while planning for your dream home. 

I currently live in Southern Maine and am looking to construct some kind of new project rather getting into rehabbing existing residentialProposed Land Budget 100-200kConstruction Budget: 400kAll in 500-600k.I have found that if I do the site work myself including clearing, septic and digging the foundation is that i can sub contract out either steel or a Lester style building (50x150) for around 300k installed with insulation and power , divided into three 2500 square foot units. 

You can consider diversifying across 2-3 markets initially but since out-of-state investing requires robust teams and systems, I suggest to start in one market, build your systems, and expand.

@James Masotti I have an incredible robust Podio system that integrates with Basecamp and other project management software systems.

Getting the foot in the door with a primary residence is a great way to start.

We are now preparing to foot costly lawyer fees ($10k+ according to our lawyer's experience with difficult cases like this), and likely won't see a cent back since we have so little information about these people and they may not have anything to lose.My heart goes out to everyone who is truly struggling due to the pandemic and are, in earnest, doing their best to be responsible tenants by communicating with their landlords and trying to work things out.

Forgive me going into details but just wanting to give you a clearer picture of our rental property townhome, which is zoned 2 family there are 4 habitable 800 square foot floors for a total of 3200 ft habitable. 

For something more robust, tools like Excel or online calculators from financial planning sites might better suit your needs.Your ROI Formula:ROI = (Net Cash Flow ÷ Total Out-of-Pocket Investment) × 100For your scenario:Net Cash Flow = Annual Rental Income - (Mortgage Payment + 401k Loan Payment + Other Expenses)Total Out-of-Pocket Investment = $40,000 cash + $50,000 loan payments over 5 years.I came across a piece in Bloomberg recently discussing creative financing, and they touched on ROI calculations for multiple loans.Personal anecdote: A buddy of mine leveraged a 401k loan for a fourplex.

I don't think that photos would help us with anything much, other than a 30,000 foot view. 

i'm expanding my buy and hold strategy now to get my foot wet on trying rehab, and would like to work with reliable wholesalers who can provide the source.