To do so, you need to put the pieces of the puzzle in place even before you begin.

Plus, most agents don't understand how to analyze investment property, and if they only do it 10% better than you then it's only a matter of time before you trust their opinion and make a major mistake.Your agent should help you see things you can't see... not piece together the entire puzzle.

What’s the next piece of the puzzle in all this that I am missing and should be considering.

Without hurting her feelings can you get her to manage another piece of the puzzle and let you make this decision? 

I also am puzzled by all of the Californians investing in out of state turnkey for "cashflow." 

The other part of the puzzle is to check out the Housing Authority you will also will be working with   Inspectors (and yes, your rental unit will be inspected on a yearly basis) can be reasonable or a royal pain in a low spot to deal with.If possible avoid what I describe as "possum women" (in both the Section 8 programs and dealing with individuals). 

But in reality, only a small percentage of people are willing and able to play the game, so there's enough to go around and there's no need to rush.Second, the ongoing cashflow vs appreciation question/debate is, well, puzzling, because I think it's pretty much been settled by David Greene, the host of the BP podcast.

I am extremely puzzled on why people would bid 30%, 50%, 100%, and even 500% the face value of a tax lien.

It looks like the puzzle pieces aren't all here but lets see if we can put this together.

Anything missed will be Change order.Timing- weather, zoning, city, off sites, neighborsTeam Members:Good commercial agent who understand retail and land developmentGC with experience in retail developmentsArchitect - same as aboveMortgage Broker- who understand SBA and construction financingLeasing Agent to lease up balance of spaceEvery market is different and a big piece of the puzzle for your development would be zoning, access points, services (deep).On the scale of difficulty- what you're undertaking is about a 7-8 in difficult in commercial real estate.