@Polat Caglayan The majority of investors who become involved in the section 8 program do so because they purchase lousy real estate and leasing the units to section 8 tenants is the best option on the table.

You might want to consider using your equity in the land as your contribution to a partnership with someone that brings that sorely needed experience to the table.

I'm wondering if I should build out the house to sold comps valuation (bigger more expensive house chasing equity valuation) ORShould I build just enough of a nice mountain cottage for best cashflow.

Lakes, ocean, mountains, cities?

From 9:45 to 20:30 walks through a summary of the proposal as well as options that the board has on the table.  

Coasting means taking risks off the table.

I also see your point about avoiding bargain basement properties, especially insofar as tax shielding is easier with an asset of a reasonable size.Your point about barriers to entry is also interesting, since I suppose those barriers can be geography (natural boundaries of mountains/water), but you're probably referring to that which impedes future construction?

Then go for a rug that mixes those colors together well (you also really need a coffee table to fill the space and something vertical like a floor lamp to help balance out the different window sizes.)

In the mountains it would be perhaps the view, the fireplace, or hot tub. 

This may be to deliberately prevent discovery of other electrical issues or prevent fire/injury.You will need some form of hard money or construction financing to purchase the property as is, and you will need to get the property occupant-ready to pass an appraisal before permanent financing is on the table.