Everything in the article makes total sense...wealth building helps through appreciation and debt paydown over time.It makes sense that chicago suburbs with strong school districts perform the best. 

I am curious is the total equity $100k, or is that the accrued equity? 

Judges seem to have a lot of time on their hands there.

Refi after construction.These numbers consider only the portion of costs of the HEL attributable to the land purchase, not the payoff of the HELOC (which we took out to buy the Seaside condo).Cash In:                     $66,166 (Cash, 1 year of debt service of HEL, debt service of const. loan, furnishing)Amount Financed:      $548,000 (home equity loan + construction loan + closing costs)Total Cost of build:     $614,166ARV:                               $850,000 (or rather "after construction value")Refi                                $637,500 (75% of value + closing costs)                                        Cash Out                       $89,500New payment             $4500/month (54,000/year)Estimated Cash Flow (pre-tax numbers, so actual mileage may vary)airBNB year 1:            $70,000     (net income $16,000)airBNB year 2:            $100,000   (net income $46,000)airBNB year3+:           $120,000   (net income $66,000)ROI (construction year):    0ROI Year 1 of STR:              24.2% ROI Year 2 of STR:              69.5% ROI Year 3+ of STR:            99.7% Did I calculate these ROI numbers right? 

Im an investor and agent in Phoenix who's helped a handful of folks with 1031 transactions.

The developer makes their money on a one time developer fee of 10% of the total project cost.  

We did major renovations and repairs on both units for about 40k total and were able to get rents up to $1250.

A NNN lease is completely different and I would agree, much more hands off  

I might get 5 to 10 totally unqualified applicants before I get a good one.  

Full disclosure: I am a flat fee Broker.If you find the right buyer, your total listing/brokerage costs could be approximately $500 (assuming the buyer doesn't have an agent, or the net price after their buyer agent commission meets your goal).