When you google the terms I mentioned, count how many times the websites say "powered by carrot" at the bottom. 

If you do not understand how NOI and cap rate determine value, learn it even if in theory it only applies to commercial RE.If you flip, you realize the gain in the short term.  

Longer term 10+ years the lock ins will fade away as life forces people to move.  

For the past many months, I don't know anyone with more than, say, $5,000 in idle cash who isn't using Treasury Direct to get 5%+ on idle money; pick your term - short (4 weeks) or longer (52 weeks). 

Together, we negotiated favorable terms with the seller, ensuring a beneficial deal.

You want to make sure the project is going to be profitable, especially if you are taking on short term debt. 

In terms of new construction, a couple things to be aware of in San Luis Obispo County are water shortage issues and development fees/taxes which can significantly increase the building costs.SLO city and the neighboring cities are particularly diligent on their water usage, as most of the county's water supply comes from three surface water reservoirs and a groundwater basin.

What strategy are you going after and what are your long term goals?

Be careful if the actual contract has any terms about assignment or allows their private access to the home before closing, as many "cash" buyers out there try to tie up your house for a low figure, then sell it higher to someone else before they decide to close it with you. 

Tax treatment on short term stuff is an issue.