@Alex Messner, your decision, amongst other factors, mainly depends on you and your wife's financial profile. 

But that is calculated after expenses and depreciation is factored in. 

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

Is it best to approach an architect or a land developer for what I am proposing?

Is it fairly priced for the size, location, quality, and other factors?

I have property in three out of four of those counties including one SFH in Madison, one SFH in Limestone on 20 acres that's being developed to a MHP slowly, and one existing small MHP in Morgan County. 

One is a non-conforming duplex, the other is a flip with lot split-development opportunities.

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.

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

Just factor the cost into the rent.