no debt? 

The income doesn't really cover expenses plus debt service. 

we did the first 3 in a 18 month period we used internal funds so no debt.. these were 350k to 400k all in projects.. so U need cash to be a spec builder or you need investors if you dont have cash..

I’ll be prepared to start generating leads of borrowers.  

It turns out with inflation and cost of living soaring across the US, my intuition may be leading others, like yourself, to call Iowa home as well.  

Any leads on investor friendly agents in the area would be much appreciated!

When my family member first presented his idea to a bunch of VCs, most weren't impressed, some said they'd be willing to invest after he finds a lead investor, but nobody dared to be the first to jump in and be the lead investor.

(income = 3 x monthly rent, Debt-To-Income, etc. can still be used!)

If the market is appreciating rapidly, I'm with you—equity growth takes the lead.

The fact is that anyone who takes, leads, or carries away the property of another with the intent to convert it to their own use or deprive the owner of it is committing a crime.