OK being a life long CA and selling and developing land here for 50 years..

Too many people are sleeping on this.Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. 

I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.

@Frankie Paterno In most places you will likely find that your $1.2MM will go much further with existing built as opposed to developing.

Plus, you get huge appreciation here based on how many companies are moving and developing here! 

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

I grew up in the real estate industry watching my father raise money with a PPM for large multifamily value add projects and a developments.

My first self-developed software gave me efficiency.  

To be successful in Miami, you would need to have some serious capital to compete with the groundswell of experienced investors and developers.