I've been in his JV course over the past six months or so and have learned quite a bit. 

We are cementing our growth strategy as a local and regional builder and looking to grow into subdivision development so we control more land but wanted to seek advice in the forums about this. 

So glad you could provide a better insight.

I've owned a bunch of condos, so I speak from experience.

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

A background check can uncover criminal history, past evictions, judgments, or liens, which could indicate issues beyond just financial stability.Even if rent payments are guaranteed, the applicant will still be living in your property, so knowing their rental history and overall reliability is just as important.

Keep in mind that in your number you don't account for the mortgage pay down and the tax benefits so your actual IRR is a bit higher. 

Hello @Luca Papa,I am so excited for your desire and excitement to embark in real estate investing.

So that the wholesaler can make some money.

Most of the information I have read over the last year or so, suggest that you shouldn't get into flipping in the Bay Area, as it very competitive and very expensive.