Hi Kyle,I am relocating to Phoenix in a few months for work and am looking to House Hack into my first rental property.

The property rents for about $4K/month total.

Construction could take a year, with permits stretching up to 15 months, a timeline that’s still attractive given the return potential.For developers seeking even bigger returns, a lot split project might be the way to go.

Also, ensure you're compliant with New York's security deposit laws, which cap deposits at one month's rent.

For example do you have a great w2 and can you afford to cover costs of a major repair or 3 months of vacancy?

Stabilization in 12 months.

Now the property has been sitting on the market for months.

Just one month of vacancy a year takes away any cashflow you would have. 

When you build enough capital/assets/net worth to afford a reasonable monthly cushion you can see if the lifestyle of a full time investor is something you’d want to pursue.  

I have learned to color code (highlighter) and plan the month/year or week ahead.