Have you checked to see what others are doing in the immediate area on VRBO and AirBNB?

I got the deed recorded today and I'm going try to get the numbers from the state and reach out to the developer tomorrow and see what we can work out.

I hope it works out ..

If you are looking to start with development I would check out these resources: https://www.biggerpockets.com/blog/rookie-319https://www.biggerpockets.com/forums/44https://www.biggerpockets.com/blog/why-investors-should-be-f...

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

great advice provided - what I will add to this is if you have smokers and its not allowed I would offer to allow them out of the lease with no penalty. 

How is it working out for you? 

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

@Jay Hinrichs shout out to you too Jay!

Feel free to reach out!