Why BRRR and not just build ground up MF?

I'm super busy with our family and running a business, so we don't want to get bogged down by rehab or repairs, etc.Markets: We have boots on the ground in the Boise/Meridian area, and it's a place we could see ourselves moving in the future.

This needs to be there during the analysis phase, even if you plan on self managing because the numbers on a deal change dramatically over the ~$160/month management fee. 

Store front, ground floor, front facing is going for $35 a foot in some places, Insane. 

In my opinion, it would be very difficult to manage long distance with no boots on the ground.

Ask a lot of questions during the estimating phase to ensure you've both thought of the potential hiccups.

Just my 2 cents here, but generally new construction homes (at least where I'm from) are sold before they even break ground, so if you have completed homes that are not sold yet, then I would imagine they would be willing to discuss pricing options.

Ultimately I think this is a sound way to go and drafting a lease from the ground up seems like needless rework.The key things you want your lease to be are:  compliant with your local Landlord Tenant Act rules  Enforceable I'd go with the simplest solution to achieving that.

In a growth/expansion phase for REI I am never going to let equity sit untapped past yr 7, so the 3yrs is a non issue.

Partner 2 does not have any capital to invest but is familiar with market, boots on the ground, and has a project management background.