Additionally, another neighbor who owns an adjacent parcel has expressed interest in joining the project, contributing their land to the development as well.I believe this could be a great opportunity for all of us, especially as a unique retirement plan for my family and my neighbors.

One thing to consider since you are a California resident investing is the compliance requirements for LLCs incorporated in California or operating as a foreign entity here - the rules here are different than most states.  

I own a mortgage company now that does both residential and commercial finance, but I spent years as a commercial banker with both big banks (First Union/Wachovia) and 2 community banks.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Utilities for the Rented HouseDeductible as a rental expense from when the property was placed in service (ready to rent).

AS such, you probably would not buy the house you have now as a primary rental from the get go.  

As a professional we have minimums for a standard 1 month security deposit then if someone doesn't meet that standard we allow for a less perfect tenant but they have to put up a greater security deposit and other fees.

It is hard but as a realtor I pay attention to prices throughout the year so that I have an idea of whether or not it is a "real" discount.

As a newbie , I would start shopping for a property manager who can list and manage the rental.