What are the pros & cons of each, as well as the differences in the development process?

Buying existing rentals and improving it is another story. typically I'd agree but we build a stacked triplex that does very well with build cost around 380k and rent at 5k a month. value is about 600k I think you need to build multiple dwelling units in the same building for the numbers to work

You could buy a $225K home for example 3.5% down is $7,875.00 but there is closing costs which I mentioned seller credit or use the rest of your $6K.You could also use a DPA down payment assistance which covers 100% of the mortgage and in some cases depending on the DPA closing costs as well.   

Specifically the pool inspections as well as the patio inspections were incomplete.

As well as how old is the electrical system is.

Between me and Kevin S  I haven’t heard back from him if his side of the thread wa deleted as well  

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

The mortgage is in my name as well as the title, but I do have an LLC open.

-Find a local real estate agent who knows the area well.

I was living in the Los Angeles area as well when I started my "Out of State" investment journey.