It requires hard work, strategy, and a willingness to take on projects others might overlook.

Then it's simple, build the home, find crews to do the work (you should already have them basically from the prior step), excavation, concrete, sealing, framing, roof/gutters/siding, windows, insulation drywall, plumbing, HVAC, electrical, finishes, etc. basically in that order.

My cost wont necessarily be the same or comparable as I GC my own projects and have trade skills.

A development project can have a very nice upside if done right. 

What's the risk or cost to you if you face an eviction or a bad tenant because you used basic screening techniques? 

Again, if your $250k is true, and includes all the electrical upgrades, new plumbing runs, potentially new foundation pour (since I assume the existing garage slab is not capable of supporting a new two story house), I am guessing since I don't know the market, but assume you will have a lot of equity by completing the project.

It will familiarize you with the basic terminology and benefits.

My strategy incorporates asset protection measures like LLCs, specific trusts as well as professional property management to spread risk and ensure quality operations.As well as using tax codes to my benfiitSection 179, IRC Section 162, Cost Segregation and Bonus Depreciation and later 1031 them out for larger projects. 

For the contractors, there are always going to be ones that have you already saying yes to stuff and will just continue to send crazy change orders, and when they do that is when you stop the project and go elsewhere. 

As we continue to stabilize supply chains, seasonal and historical patterns can provide insights for executing your next project, ensuring you factor in risk and stay within budget.Question: What are your thoughts on adjusting to the "new normal", how will investors manage increasing costs with many forecasting stagnant appreciation for the coming years?