But if your goal is to cashflow positive from the Day 1, you may find it very challenging due to current day interest rates, high cost of construction and the fact you won't have the efficiencies of a seasoned developer building at scale.

A cosmetic rehab is still quite a challenge for the first time.

That said, I do this with a a few investors on rentals since I'm a Realtor and Property Manager where I am boots on the ground for purchase, rehab and lease-up, however we had a strong professional experience/life together before partnering.Lending will also be a consideration as most lenders are hesitant to lend to non-citizens given the foreclosure challenges it can pose.

Challenges?

Finding a property with the appropriate layout is challenging and expensive.

There will be moments when challenges feel insurmountable—deals that fall apart, difficult contractors, financial struggles—but the only way to succeed is to persevere.

Quote from @Michael Smythe: We're far from perfect, so our 2 cents should be taken lightly.Most of the national companies are setting up franchises and the challenge is with the individual franchisees.

People even do this in Vancouver though it must be extremely challenging.  

Major metros pose certain challenges, as everyone has heard. 

If you do, you should expect a very aggressive challenge by the IRS.At $350K of combined value it might be worth the cost to get a segregation study if you intend to keep these a long time.