Where I differ with most of the posters on this thread is that I feel solutions can be developed to address the problems and something similar to what the OP suggests would be viable. 

Single family or multifamily, flips or rentals, new developments in light areas or infill lots?

McKinney and Princeton have been growing a lot and it is a good place to invest, but it is always related to what you are looking to achieve in a rental investment, appreciation or cash flow.At this time that area does not offer a big cash flow and due to the amount of development going on there, rental demand has declined a bit.In any case you have to make an analysis case by case.

Plus macroeconomics here in Columbus is booming right now because of developments from Intel, Meta, Amazon, Honda, and lots of major companies building out here.

Is there a local developer/builder who might be interested in the whole package?

That gets worse as you get farther out of the cityTLDR: values depreciate, inflation has gone basically nowhere in Japan for a long time, the supply of housing is pretty good compared to demand (unlike the US) and that's because of flexibility with rezoning and development, taxes on rental income are high. 

Also, keeping an eye on zoning changes or upcoming developments can help you get ahead of the curve.Would love to hear more about your experiences too—what areas are you currently focusing on?

If this is your 5th deal you should have already developed a banking relationship with a commercial banker.

Regarding the HOA and CC&R's, the builder can make changes to the CC&R's pretty easily while the development is under Declarant Control.

Whether you’re managing properties, operating STRs or long-term rentals (LTRs), or just have an opinion on the state of the market, I’m eager to hear your thoughts and any new developments you’ve noticed.Here are a few things I’ve observed:Increased Supply of RentalsI’ve lived in Gainesville for a while now, and I remember a time when it was tough to find a rental.