I am interested in diversifying my portfolio by adding rental real estate that produces cash flow that is not correlated with stock and bonds market.I currently have a small equity position in a motel in central Florida that is undergoing significant renovations.

In this industry (and in this world), our word is our bond.

Someone else likely paid to develop those subdivision roads/utilities and was required to bond over their use... make sure you understand the sewer tap fees and city permits required.Lastly, be clear on your holding costs and perspective days on market.  

There are HOA Management companies that are licensed, bonded, and use industry standard "Best Practices" to handle accounting functions.

I'll be following your journey closely and also be looking at the area as part of my lengthy due diligence. 

Maybe a capital provider is able to sell their bonds or stocks to fund your deal or take out a 401k loan and invest in your deal at a higher rate.

Without factoring in (even an imaginary) 8-10% for PM, it's impossible to compare that investment to another investment like CD's, stocks, bonds, etc.

Or maybe bonds, which don't give you much of a return?

Your return on equity will end up so low that even the low return from bonds would be better. 

A lot of those are bond projects, some are in the middle of completion, a couple are proposed, and many are ready to get started.