My observations are stocks are complicated, volatile, and lack control. 

My quick observation, unless you're a GC building on flat land I think you're $100-$150 Psf low on your hard construction costs for your expected price range; and that's before architectural, engineering, or other soft costs.The only part of town (LA region) that's achieving $1400 psf and has flat lots would be the flats of Beverly Hills, maybe ocean view portions of Pacific Palisades...Good luck.

I am not fully sure either but I would assume you would follow somebody that is doing a good job investing and by observing his/her path you get inspired and motivated for what that person has achieved.My guess is that when they have completed a new deal and they update it, you would receive a notification to follow the progress. 

These are my observations after over 3 decades in the business.1.

Unbiased positive and valid experiences were not observed.

(As in, how to I actually search records at my local "Register of Deeds" office.)The short answer to your question is, observe as much as you can from the outside and then take you best guess.It is also possible to find out more/other information while doing your research on the property but there is no telling if that will help with the budget estimate.

One observation I've made since moving here is that there seems to be a lot of renter mobility. 

My observation from my wealth management days... 

Focusing solely on the present market can lead to impulsive decisions.Its also highly recommended for you identify a strategy, pick a market that matches that strategy, build your Core 4 specially when you're doing out of state investing https://www.biggerpockets.com/blog/core-four-real-estate-teamThe main challenge I observed is that individuals often lack a clear end goal or strategy, or they select a market that doesn't align with their chosen strategy.Lastly, find a mentor, one that aligns with your goals.

As a nationwide hard money lender (Y2 Lending) that lends to real estate investors who fix and flip houses and Fund Manager for accredited private investors who we pay high yield returns to, we observe the market conditions closely.