Even with the reduced rates, my cash flow is poor for my equity position (i would still be cash flow negative at today’s rates).  

This could involve offering a higher interest rate in exchange for reduced upfront costs or deferring payments until a certain milestone.If building right away isn’t feasible, consider buying the lot now with the goal of paying it off over time, and save up to build when rates and budgets align.

Don't do any Structural type flips.Reduce the risk and start learning.If the above are to labor intensive, either buy a hill or buy some swamp ground.  

Examples could include:Partnering with other investors to share risk.Using seller financing or lease options.Leveraging creative rehab techniques to save on costs.Negotiating with contractors in a unique way to reduce expenses.I’d love to hear any stories, tips, or approaches that helped you pull off a deal others might have instantly passed on.

Even in the nice locations, most top out around $2,800.Of course there is also your increased insurance, vacancy, repairs, CapEx, and the never mentioned reduced rent on the main house since having a stranger living in your backyard usually isn't appealing to most renters. 

Fortunately - we have a good relationship with our servicers and can get frictional matters that arise rectified/resolved relatively quickly, but the frequency of said matters could certainly be reduced.

This way we reduce our monthly legal expenses and have cash reserves to weather the next few quarters during the virus.

Depreciation can be applied to the investment portion, reducing taxable income.

With that said I feel like I significantly improved my position and reduced my stress..Being  high income earner is great, but the goal is what you keep and what you spend.

there are of course more creative strategies to reduce that up front outlay, or recoup your capital, like, say, the BRRRR method. but they are time and energy intensive and certainly not hands-off.