@Jason Tucker Thats a good setup for what you are talking about.

@Andrew Watson I have a similar setup - One series LLC to One bank account.

The ability to generate more income for simply the cost of a building is another huge cost saving over buying an expensive commercial lot and developing it.

After my P.M. costs I collect $940 or so/month. 

Your estimate seems low, but even at that cost, it will not add that value.  

Figure out the state and federal capital gains tax and depreciation recapture after selling costs.

Another note on construction cost, going vertical is very expensive now and would require have a great connect with a developer and a builder in the area.See what rents are in the area and run the numbers to ensure the rents will cover your costs and give you a solid return—using the 1% rule can help.

I know that interest on the acquisition loan can be included in the cost basis since it’s inventory.

Once you’ve set up and marketed your rental, use the cash flow to scale your portfolio over time.

Quote from @Charlie Green: I am looking for a checklist to go through a property and know exactly what the rehab will cost (within $1k).