The high HOA fee is already a factor, so ensure you’re comfortable with the overall carrying costs.Focus on the Land Value: Since the lot has development potential, you’re looking at this as a long-term investment.

Ideally you would put only one persons name on the mortgage unless you absolutely had to have both to qualify.  

This is of course an ideal scenario, and the goal for each build.

It's not my biggest concern, but it is a factor.

To do this, they have a team consisting of an inspector, a makelaar, and renovation professionals.However, as Ken M. mentioned, having someone trustworthy there to manage everything would also be a key factor.

I could write a whole book on this topic, but this is what came to mind.3) There are a few factors that I consider when picking the city.

Some other factors to consider - How long are you planning to hold this property?

Also factor in if the rents jumped a lot and if that would lead to a vacancy, which will cost you more in the short term. 

That should really be the deciding factor...is it necessary and a large enough project to include the permit process?

However, the suitability of buying and renting out a single-family home in Richmond can depend on various factors, such as market trends, rental demand, and property values (similar case with all markets, really.)Chatting with a local agent in the area can provide very helpful insights into the market, data, and specific neighborhoods.