Light/ dark/ medium? 

Does the zoning have minimum setbacks or frontage or lot width?

Start talking to everyone you know, asking if they know anyone who's tired of the stock market losses (ask them how much THEY lost in the '08-'09 crash- average is 40%- rub it in,)  have a self directed IRA or other available funds that they'd like to invest in a secure, tried and true investment medium.

I do not intend to self-manage (at least in the medium to long term).

@Charles Ho  this is after all a Real Estate site not a stock market forum.so don't be shocked that the majority are bullish on RE and not stocks.One thing you may want to consider to at align yourself with a very good HML in your market you can get 8 to 10% with pretty good liquidity and safety.. that could be a happy medium from owning rentals.

Find a local medium sized construction company, someone who will JV it with you.You do NOT need an 'architect' at this point.

Tenant cut a piece of carpet out to put in it's place, about the width of the doorway and 8" tall.

My builder is doing new construction at 80/ft on medium-high end quality (~400k homes), plus impact fees/permits.

You don't sustain success with one medium.

There is no right or wrong answer to this question, but I would be interested to know where you guys keep short to medium term cash that you are holding between deals.