It will be an identical home to the one I’m currently building, and I expect to need no more than $160K in financing.I’m not looking to overextend myself by taking on too much debt, but I want to make sure I’m approaching this in the right way. 

They'll steal your copper, hot water tanks, furnaces and electrical wiring.

. $50 per bedroom, so a 4-bedroom house will cost you about $150~200consumables - bathroom supplies, kitchen supplies, beverage supplies: $20~30 per week, depending on how much you providewear and tear - towels, linen, kitchen utensils, some furniture: $1000~2000 per yearRepairs/replacement for things that guests break or steal:  $1000~2000 per yearAlso, if your personal use is less than 14 days a year, the entire property's expense is deductible against STR income, but if you use more than 14 days, then you will have to calculate the proportion of how many days it's rented out vs how many days you or your family uses. 

That means that you can buy a house on the South side -- identical to one on the North side and in its doppleganger (save race) neighborhood -- for literally a $100,000 less than you can on the North side.

The owner CHUNGFU CHEUNG is a fraud and will steal from you. 

There's lots of opportunities in developing neighborhoods, but also seems a bit saturated at the moment.Also, definitely budget security (remote control cameras, alarm system, etc.) for your properties, as there are a lot of people who occupy themselves by breaking into houses and stealing anything they can sell.Lastly, there are a ton of contractors looking for a quick buck.

That's a steal, if you were going through me we'd be at 75-100k for this huge project.

Especially if you got the lots for a steal! 

Sharing understandings and rules on guests, cleanliness, chores, pets, drinking, drugs, boundaries, house identity, conflict resolution, communication platforms, etc.

Yes the lack of identical apples-to-apples comps has been an issue in the area for years.