What @Robert Rixer said in terms of cost to build isn't un realistic for our area depending on level of finish and any improvements needed to the dirt.

That said, I'd not trust prices I see on Craigslist.

The only possible way I would consider doing AirBNB/VRBO out-of-state is if I had A LOT of trust in my property manager. 

But if a buyer is simply trying to squeeze you, trust your knowledge and move forward with confidence.This deal turned out to be a home run for us.

I don't want to pick on you but you recently posted about utilizing land trusts and Wyoming LLC's to purchase real estate in Arkansas and also posted questions  suggesting you were unclear on how general liability coverage works/ is issued for a $170K purchase. 

Private money lenders primarily lend money based on trust and your track record.

In fact, according to a recent study, regulation “imposed by all levels of government accounts for an average of 40.6 % of development costs (NAHB, O’Leary).”

Depending on your situation and comfort level can dictate what kind of house hacking you want to do.

I don't think they have the drive I'm looking for as I try to build and grow a portfolio so I don't think I'd trust them to build a partnership with but, yes, that's probably a good idea.

This level of organization ensures that nothing is overlooked.Remember, risk tolerance increases with experience.