So outsourcing some degree of property mgmt would be a must... but the deal won't work paying a local property manager a large % of my revenue...Instead, I would set up my "boots on the ground" (cleaners, handyman), and would need an offshore virtual assistant to manage guests and coordination of my local team. 

This is anywhere, so I had one house that was a 2 story property with no upper porch (aka no way to get to the roof of the house) where one peak of the property trim was flaking that you could see from the ground.

So, keeping an eye on it and addressing minor fixes (like securing loose shingles) can be a practical middle ground.

Russel I would not say D that is a far stretch I will give it a c+ and this is a great time to get in on the ground level.

With respect to Tenant's back grounds, pets, rental history, job status etc etc we are always looking to learn but feel that aspect is strung and thorough.

Should I set-up and LLC before I begin developing and break ground?

There is a unique tax deduction in the US called a “conservation easement.”It was designed by the IRS to encourage real estate owners to make pristine land, that could be enjoyed by the public, a conservation ground, and thus un-developable.In return, the landowner could treat the act of granting a “conservation easement” as tax-deductible.

Check with your local boots-on-the-ground team to learn about how that particular HOA operates.

The water will come from a well in the ground.

I was interviewing someone today for a marketing position and she is working for a company that were two IT professionals who sold a business, started a multifamily fund that is not doing well so now they are starting a ground up development fund for single family homes and another fund in commercial real estate.