I would recommend working with an experienced co-living company such as PadSplit or HomeRoom.

I planned to recommend getting the deal under an assignable contract and if you can't make the financing work try to find an investor to transfer it to for a one-time profit. 

Do you recommend using a general contractor, or would it be more cost-effective to handle it myself with subcontractors?

What would you recommend I do in this situation?

You can do a trial and see if bank feeds connect, if it does, I would then recommend using it over QBO.One of my client that just started in development is short on funds so Xero was the only best option and they are using a local bank so we couldn't connect and a lot of manual entries. 

@Celine Li Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I would appreciate any advice on whether it's a good idea to invest in land on a slope and the potential challenges of building on such terrain.If this seems like a worthwhile investment, can anyone recommend reputable construction companies that specialize in cabin builds on slopes? 

If you don't tackle that type of work, have any recommendations?

There is also about 40% less inventory for Condos than there is for Co-ops.If you're mainly looking to invest in an apartment to save on rent and learn the market, I'd recommend a small multifamily (2-4 unit) investment.

You'd need to call the local township which I would recommend doing for any LTBH.