So I'm doing the preliminary work in the meantime--contacting the city to see what they would like, reaching out to the residents in the neighborhood, etc That's great that you are doing your research beforehand. 

With unaffordability at all time highs in the city, these areas are becoming more desirable so we're seeing rents that allow for cash flow at current prices and rates.What's interesting is that multi-family is very much alive in the city, as properties are trading despite no cash flow potential at current rents, property prices, and rates.

Quote from @William Fuller: When deciding to potentially acquire a piece of land that a wholesaler has under contract, what information do you need about the land or parcel?

Hello community,I have researching on benefits of long-term rental, and a bit stuck on requirements to be full time real estate professional (the 700 hours) if one has to be able to take tax advantages.

I have been listening to BiggerPockets for a couple of months now and have been doing my own research over the past several months as well.

From what I've researched, it's the less than ideal situation to be in because of the reasons you've stated.

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Another lesson is to research companies online and in forums like this before you do business with them and if you decide to do business with someone, dip your toe in the water slowly and continue to research the company after you start working with them, because things can change quickly.I have some questions:1. 

I can provide support of checking in on contractors, staging rental properties, walk potential leads to give you an idea of the property in person or what the area is like, meeting with agents, and drafting scope of work for projects. 

Make sure you do your research on comps.