How would someone approach analyzing it and what are the different things to consider? 

I recently saw a handful of properties in all different conditions that were all north of 62.

You can spell out all of the different scenarios that may occur in the operating agreement including splits and ownership.

I know markets are different than when the book was written and I do not know fully about the market today so it does put things into perspective for me from a person who is actually in the market right now.

Then, and only then, will you get an accurate cost to build "your home".2 - There are a number of different "residential" zoning types. 

Then take that and invest in a few different properties or 1-2 small multifamily properties.

Keeping the properties separate is mostly for the different depreciable lives and it wouldn't matter a whole lot when you eventually go to sell the property.

If you don't do this, do you have a particular reason (such as you'd find out through a different part of your process that someone is scammy) or is it something you just never thought of incorporating into your screening?

Here are a few companies to review from different parts of the country.

@Victor Nguyen for starting out either is fine if the numbers work, but if you do a duplex I would recommend starting with the a side-by-side duplex the first time you do one rather than a multi-floor building.The reason being is that managing multis (duplexes) with tenants living over each other come with different problems such as noise complaints, and can limit your options accepting pets.