Some HML also supply rehab funds in draws but you need to spend before you get.Private financing is your best bet but you need to sell family/friends/misc contacts on your business plan and how you will pay them back.

In this current market, where low inventory and tight supply, rising prices might be good to build.Terry

d) related to building cost and lack of land is supply and demand: vacancies are very low. 

So just puts further strain on the potential supply.

But I agree with you, all else being equal (condition/location), the supply and demand looks to be way out of whack there.

@Jim JamwantGreat answer from @Linda Weygant However, you can get fined for not filing 1099s and have you or your accountant explain to the IRS why you don’t need to supply one which will be frustrating and expensive.  

I go to the store to get all the supplies.

(supply is limited here for small multi-family).

@Lonnie Waliczek, the logistics of supply and demand determine the sale price.ie.

travel, legal fees, license, accounting fees, office supplies...this could included in your property management expense...just adding more line items.