As a part-time investor,  I am both ready to go with passion and fearful of the unknown.   

I am looking forward to attending the BP and CFREI meetup to actually get to meet some people with similar goals and interests, but for now I feel almost lost and that fear of the unknown keeps creeping up on me when I least expect it.Either way, I am going to keep trucking along, but I wanted to start up a possible discussion with the community to at least have a chance to talk to people going through something similar or people that have gone through it and came out on top.

To many unknowns for the contractor to bid otherwise. 

There are too many unknowns to help.

@Albert JonesCondo HOA is an unknown - fee can jump at any time and eat up profits as can assessments. 

My hunch based on what you are saying is that it's the risk factor for the lender on the deal falling through, and the lender being stuck with land...the second issue is the unknown on the length of the loan if the national builder falls through.

Not like Analysis Paralysis (although I experience that as well sometimes), but more of a fear of the unknown I guess.

Every way I work the numbers, it comes out smelling like roses, anywhere between $1600 to $2400 monthly cash-flow, depending on unknowns like maintenance, taxes, insurance, and assumed-knowns like property management and capital reserves.Now, here in California, $350K will hardly buy a 2 br SFR, nevermind an apartment.

Financially it probably makes sense to sign a lease with these applicants rather than leave the property vacant for an unknown period, even if it means not collecting pet rent or additional deposit.My question is: Would you push the issue for the "service dogs" and make the applicants provide a letter from a medical professional? 

But at that point the type,  required effort and looming unknowns can turn it quickly into anything but a cash flowing passive instrument.