You could conceivably start with a 50-story high-rise development.

I highly recommend listing to @Dave Meyer's most recent on the market podcast! 

However, the success of your project will depend on factors like location, renovation costs, and market timing.Many investors have found great success by focusing on high-demand neighborhoods with strong buyer interest.

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

I also highly recommend being represented as a buyer. 

I flip with cash, not loans, mainly because there are not enough deals out there that meet my highly selective acquisition criteria, so no need to pay interest on cash otherwise sitting in a money market account. 

In CA, construction costs are high, but I think outside of the state, you could hopefully get somewhere in the $150-$250/sq ft range for the vertical. 

30 - How high will the ceilings be?

Here's an ideal PM contract: The two keys are: The PM is incentivized to make you money, not charge high fees, and is contractually bound to provide reporting that you can understand in a timely manner. 

If your income is high enough that you won't qualify for financial aid (or you've saved enough in 529s) then it won't matter.