Right now, I am an aspiring real estate agent specializing in investment properties while also in the process of developing an app!

Quote from @Andy Tack: Hi Lance, we are developing a project that is partially in a flood zone also.

Ask an attorney for the cost breakdown, factor in holding costs, assume they'll do more damage on the way out and then ask for a bit more for the headache.But again, especially with no experience with evictions and it sounding like a mess, I would be very tempted to just walk if the tenant is not going to cooperate. 

Quote from @Marcus Ball: After struggling with local rehab properties in California, I switched to build-to-rent developers and chose a 1031 exchange.

Of course, every owner's situation is unique and factors like the legal entity involved, purchase date, adequate passive income that can be offset with the cost segregation study, etc., will need to be considered.

He took the new development appreciation approach.  

* What are some factors to consider when identifying these hot spots?

I would confirm this first.Otherwise, I just use Excel and develop my own pro forma from there.

Where single family rentals weren't exciting to me, building and developing land and redeveloping old spaces really intrigued me.

There is well developed  case law that points to a guarantor having to receive a benefit in order for the lender to hold them accountable in the event of a default etc.