I'm also interested in seeing more manufactured/modular construction of multifamily developments.

. $500k won't buy you much in San Fran but is a pretty healthy budget in Jax.One smaller factor is that Duval county doesn't charge impact fees on new construction (and is the only county in Florida that does not) which is great for developers but not so great when there's no money for maintaining our schools.https://www.jacksonville.com/news/20190423/duval-voters-to-decide-on-proposed-sales-tax-referendum-to-pay-for-replacing-repairing-renovating-schoolsAlso this isn't Florida or Jacksonville specific, but in times when the stock market is particularly volatile real estate investing becomes more appealing even with lower returns.Personally as an investor I find all this out-of-town investing a bit annoying (increased competition and increased prices) and am concerned that these properties potentially aren't well maintained.

I have a very strong construction and business background.

You inquired about a construction loan and next thing you know you're bidding for a off market REO.

The cost of construction gets added to the home basisIs there anything I'm missing?

Sometimes PMs own repair/construction companies that they can tack on additional costs with.

Hey @Braden Just,MK3 Construction handles rental property renovations, not sure about the historical tax credit piece though. 

Hi Justin, I work in the area doing remodels and new construction for investors and private clients as well.

They are located down the street from each other and are of similar size and construction.

I have a full time job in the commercial construction industry.