In theory my only costs would be purchase of the lot + associated fees, taxes, and engineering services (which I could do a portion of on my own time). 

If you are ever at the North Carolina Real Estate Investor Association meeting in Raleigh every month, feel free to connect. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

Building equity over time can help mitigate risks associated with market volatility.Thanks,

I would look into your area's apartment associations as they provide regular meetups and resources.

My inclination was to sign up to get the systems in place so I can easily grow into them, but it didn't seem to provide enough benefit to justify the associated costs. 

The Eugene/Springfield Chapter of Oregon Real Estate Investors Association does a lot of Zoom. 

Hey Liam - It most cases it boils down to your strategy in terms of investment goals and associated risks you are willing to take. 

If you see a need for multifamily properties and create a return that is worth all the time, headache and risk associated with owning real estate, than sounds like you have a great investment opportunity. 

First, do not associate with any Contractors that tell you not to get a permit, like @Matthew Paul said, they do it for their own protection (should anyway).Call the City Building Dept and ask for a permit history on that address.