As a Firefighter and Real estate professionals, I would contact the Tenants Property and Liability insurance provider to cover the difference.  

How are the application of the lawsHere in Houston, you can even go down another level and take into consideration the specific judge for the court precinct to consider if they're landlord friendly.We have judges here providing legal advice on how to appeal etc. 

It's important to note that this isn’t a PO Box; it's a mailbox that provides a physical street address.

They would pay all utilities and maintenance on the property and provide 2 months security deposit. 

Direct Control: Managing the project yourself gives you direct control over every aspect, from selecting materials to scheduling subcontractors, ensuring that your vision is accurately 3.Learning Experience: Taking on the role of a GC can be a valuable learning experience, providing insight into the construction process and improving your skills for future projects.4.

Based on the numbers you provided, your cost of capital is higher than your best case cash yield (cap rate).

I've also found that most of the housing providers are much more responsive to tenants than they are to landlords.

If your "investor friendly" real estate agent isn't providing you with a menu of services or commission packages, ask for it. 

I would then want to know if there are any access easements to the rail line or restrictive covenants on the property which would negatively impact my ability to develop the land.Lastly, my concern would be environmental.

But almost every realtor who does provides a level of service much lower than a PM because they do not:- Properly document the condition of the property before tenants move in, which hurts the owner on the back end when there are damages.- Market the property as well as a PM company, which increases vacancy periods and costs the owner money.- Properly / thoroughly screen the tenants, which increases the likelihood of a bad tenant and damagesNow, it can be done, but if you aren't even sure of what the industry costs are for PM services, I highly doubt you are currently skilled enough in the area to risk doing it.