Along with the research I am doing, I'd love to hear from others about their firsthand experience.I am 33 years old, recently married, no kids but plan to have our first in the next year.

We also have a PLAN to improve the properties, thus increasing rents and improving cashflow.So, it's important to have a pretty good PLAN about what your goals are!

Out of curiosity, what are your plans for the land? 

My primary residence I have been in for a year now and my plan was to do a heloc and use the money to buy another property which would be an investment property purchase.

I have another one were I optioned 120 acres that just got brought into long term planning for chips act. paid 5 million for it and spend 10k a month negative..

Depending on the construction, you have to do major upgrades on electric, plan for plumbing for apartments which may not be permitted in the area for the sewer or septic.

It would also be nice to know what you plan to do with the property once it is built. 

Quote from @Jonathan Vinas: Quote from @Ashish Acharya: @Jonathan Vinas Operating a self-managed STR in North NJ or the Catskills is feasible with careful planning.

Make sure utilities are available, and that you have tap fees included in your estimate, as well as engineering (site plan), architectural plan, and other bits you might need to consider for your market (landscaping and costs of sale, for example).

If you plan on buying and holding in say a great pm company.