Because a payment plan is spread over a period of time, I would keep the owner updated regularly until the plan is complete.Again, I operate this way because I'm detailed, everything is documented, I'm confident in my process, and my owners know I operate with their best interest in mind every time.

The purpose would be to rent it out through a property manager just like a regular single family home.

I'll check out the book, thanks for sharing!

Any time you can add more housing to the same lot, it's a good idea, but you first want to check with the city to see if you can and what you will need to assess those costs.

Around 20,000 homes in Maricopa County alone last time I checked.

I have found time is better spent building tools to quickly analyze & procure new deals, rather than hyper-analyzing the metrics of one deal, ultimately making initial review faster & more reliable (spend time on the things that make sense, quickly remove things that don't, even junior-level staff can identify good opportunities with the tools, etc).For example, if I'm modeling a SFR to 3-4 unit scheme, I can quickly check the $/sf/mo for each of my proposed units and get a good idea of the GOI without having to manually dig through &  find rent comps in that City/Zip:- So instantly I know in Woodland Hills that a Studio is close to $5/sf/mo on avg, 1 Bedroom closer to $4/sf/mo, with the 2 & 3 Bedrooms closer to $3/sf/mo.

Regular check ins via calls, texts, or emails are all great ways to instill a feeling of trust and transparency in our investors. 

Or is it a regular house in a neighborhood?

Check in with @Joseph Chiofalo they have high LTV Fix & Flip financing available nationwide and do a lot of lending in TN and the south in general.

You have to check the figures.