W2 just seems to be a naughty word on BP, but I'm not sold yet that a solid W2 job isn't a route that should be encouraged to those wanting to build a foundation for a RE business as a full time investor.

This really helped me encourage myself not give up! 

At whatever point in the cycle ground up development is the most risky and therefore always offers some of the best returns, but that being said, at this particular point in the cycle I would encourage you to spend a lot of time assessing the risks and downsides on this potential development opportunity.I would tell this to everyone, but in your particular case you seem to be starting off and lack the experience that is definitely needed to take on a development project at the top of the market. 

It makes me wonder if all the hype around "house hacking" and financial independence is driving the hype even higher and encouraging more millennials to jump in.

Unfortunately I have nothing to offer in your area except words of encouragement - Best of luck and looking forward to hear about your experiences and your progress!

I would encourage you to find a local meet up and start attending real estate investment clubs too.

Bigger Pockets has been a big driver towards these successes and I'd encourage everyone to stick with it and take advantage of BP.

Yeah, that looks encouraging on paper/screen, but you'd still need to check in person, by also asking other real persons (eg.

@Daniel Pitta In my opinion Background checks are the number one best way to vet a prospective tenant.Many things fall under background checks like calling their employer and previous landlords.Also I know some PM's that like to sneak and peak in their car and see if is junky, if so they is likely how they will treat your property.Also these same people will find an excuse to stop by their current residence and look in the door for the same reason.W-2 paycheck verification.No evictions in last 5 years.Tenants make 3x the rent.If they can't come up with all move in money don't rent to them.They ones that beg and plead for you to rent to them you should run from.Make sure they have stable employment - same job or in same field for 2 years or longer.Get a larger deposit than 1 months rent to encourage them to give you proper notice when they move and that they don't try and use deposit as rent when they move out and that they also leave your property in good condition.

., It is encouraging to hear of other people in small towns doing well.