I manage a 234 unit luxury community in GA and the lease covers everything it seems. 

At 120K construction cost, this isnt a luxury home, hard to believe that a buyer wouldn't prefer a home he could see, in a location he could assess.I bet an partner of theirs already owns that land, and after you buy it, the plans to build on it will evaporate.

-I wanted to go Luxury Vinyl Plank, but was talked into keeping this, since it is in good condition.  

In just one year and a half, I've seen prices skyrocket, new humongous and luxurious condominiums are being built everywhere and the few rental properties I find off the usual real estate apps seem to be either dumps or, when very attractive properties, they are bought out almost immediately by cash buyers.Should I then start looking further out of the perimeter?

Get a good CPA, you will need one.So basically, all I pay in taxes is self-employment tax of like 16% (SSI, Medicare), and the there's lodging, bed, and sales tax, which I carry over to my customers.

Also, flooring, a lot of people like the luxury vinyl plank tiles,  but I'm 100% tile person.  

Hi Amit, great article here and can be backed by other articles showing that the high end luxury apartment market rent has plateaued.

As an overview of my experience, I work for a drywall companies and have done many high profile projects such as 42 stories luxury high rise named Metropolis in down town Los Angeles and Ralph Lauren, Beverly Hills. 

Rent ranged anywhere from $600 to $800 monthly, depending on the luxury of the property.

Having a website is a luxury.