So I say if you are capable of developing this and can afford to wait, wait until you become better and take on the lead position to develop this yourself.  

@Michael Blank, we like Secondary markets in the Southeast that fly below the radar as well.Interesting you mention Huntsville, AL as an example - we started investing in Huntsville around 2019 and have done approximately 7 projects there (spanning ~1,100 units).

You say cast iron- rip all that out and replace NOT reline it will fail in 9 monthsMarketing and waiting carry costsContractor profit 10%Or are you handy enough to order everything and replace the electrical panel?

Winston's in City schools that are worth mentioning are Wake Forest University, and Forsyth Tech Community College. 8,789 Enrolled Students at Wake Forest as of 2020 with a 91.6% full time student rate, Forsyth Tech is putting up 7,587 Enrolled Students with a 35.7% full time student rate.

I've since gotten the title search done and have received the sale order, but I'm still waiting on getting the deed and getting it recorded.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Most times the salesman sells them on a dream of having a zero dollar electricity bill, but never mention how the payments can actually kill you.

As most people mentioned, there isn't a large difference between a 2 and 4, but I would agree that it could be better to just start with a duplex until stabilizing if it is your first deal.

4) How long do you need to wait in PA before you can quiet the title, and sell the property to a buyer with traditional financing?

Just tell them you need ALL the signatures and money or you will rent it to the other students that are waiting ..