In any case, I wonder if a smaller project (say 4 units) that is on the smaller side with square footage can be built comparatively inexpensively.

I've heard that it is lower than MF but since I've never owned a SF rental, I don't have that data to compare! 

We used glue down vinyl plank flooring and the cost for the materials and installation in Florida was $3,000, which was a great deal when comparing to other companies fees.

I would shop around and price compare. 

@Dan Heuschele I think we are on the same page that even the rough parts of San Diego are mild compared to some of the larger cities, I just don't want people thinking Logan Heights is anything like some of those areas you mentioned.I feel pretty optimistic about the potential in the area, you should check out the San Diego City revitalization plan for Southeast San Diego if you want to see what might be in store for some of these areas. 

An investor that isn’t paying attention and is comparing one offering to another might completely overlook the fact that the asset management fees are actually vastly different. 

Detroit looks good to me because of the higher rent/price ratio compared to most markets.

However, my understanding is after an HOA foreclosure while the Lien gets wiped out, the underlying debt, prior to the HOA foreclosure, still remains and will become the liability of the mtg foreclosure auction buyer, the same as if the HOA never foreclosed. 

Leverage is a percentage of what you owe on the properties compared to what the properties are worth.

The tile floors added weight compared to the old vinyl floors but I don't see how the weight of tiles aren't an expectation when building.