I mainly am curious how people have raised capital for their first properties. 

I mainly bought it for the land, do not intend to rent it out for cash flow or what not.It is currently occupied by the previous owner.

Since you have built a lot of them, could you spare 15 min to share your perspective on the main pain points of land discovery?

For context its mainly retirement communities around 2 hours either way from Las Vegas and Phoenix.

Principal balance currently at 314kProperty Details: It's essentially a "2-in-1" property, with the main unit rented out for $1,900/month and an attached ADU bringing in an additional $1,200/month.

Mainly the "self sufficiency test". 

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

I currently live in San Diego, Ca. but have been looking in the midwest, mainly Iowa, Indiana and Ohio, for properties. 

The structure is mainly appreciation-based, which minimizes tenant and maintenance risk. 

It has to be an addition.I would double check because maybe the workaround is reinforcing the garage and building above it.We lived in our studio ADU for two years before we moved into the main house.Best thing to do is talk to an experienced lender.