Pace is a typical guru.

I've done a few so I'm typically offered 90% LTC.

Although Reunion community does typically cater to a different demographic so it won't be as much of a pitfall. 

Typically, the tax is based on the assessed fair market value of the property at the time of the transfer, even if it’s not a traditional sale.

These straightforward requirements make the process accessible and convenient for buyers.The initial setup costs typically range between $500 and $1,200 USD, while annual maintenance fees are generally between $500 and $700 USD.

we do the same thing Jay but we look at this as return on entitlement spend and return on land purchase. we separate the two measurements. for return on entitlement spend its the total value of the land gain proven through either an appraisal pre and post entitlement from an institutional level appraiser by Berkadia or sale price divided by all of the soft costs needed to get the site to the finish line. we look for sites that are at least a 5x and typically focus more on single parcel sites that aren't assemblages and do it by going vertical not horizontal. as many have said there is much more risk in this strategy that you are doing that led to a lot of bankruptcies. also focusing on the luxury in my opinion isn't a scalable strategy. 

Midwest cities with populations under 300,000 typically have cheap property taxes.

The reality is the land has value.I believe you are typically far better purchasing a different property with conventional financing than adding an ADU.  

But if your goal is to leave your day job soon, multi family will offer more cash flow typically.

I'm not counting those since I don't manage them, but I typically avoid cities and states with laws antagonistic to landlords.