With new construction, you can spend a long time just preparing for the build (dealing with subdivision, zoning, permits, drawings, etc) before the work even starts. 

We are also preparing to be self employed (Realtor and PM), which will cause a new level of complications.  

I hope this is a great deal be prepared for a possible hold over or eviction!

Show them that you are prepared to buy.

Your education has also prepared you to analyze cycles and this point in the market is not an easy entry for passive investors not willing to be a small part of a much larger endeavor.In your case I'd be looking to real estate more as a tax hedge that will build substantial cash flow over time while delivering substantial depreciation and tax benefits from day one. 

As mentioned above, you should have a qualified experienced tax professional prepare Form 3115 as it is complicated.

I'd say evening or morning, I would just need to know in advance to prepare for the event. 

Prepare with YouTube videos, let them know you are coming to do a "preliminary evaluation of the problem" to "assess repairs and schedule vendors".

Just be prepared to have adequate reserves or have the loan secured by the properties...

Now that you know the basics its time to start getting your feet on the ground and prepare to act as an investor.