@B RyansRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I work with real estate agent and buy it.

If the risk was too high visa vi the return, or if the investor was not in a position to accept the risks, then it could turn into a real nightmare.  

I am new to real estate investing and was looking into taking a heloc on my primary to purchase land and do a construction loan.

Just like China there is NO real estate industry there and anyone can say take fee's for marketing properties.

They seemed to just rehash the WSJ article but put a more negative slant on it, and probably drew some info from the Real Deal article too.

Safe to assume $90-150k.Lower end is real number for 2-car garage to ADU in Sacramento Higher end is Bay Area with a few complexities 

Sometimes you get lousy results despite the high price tag, and sometimes you do find a real bargain.

These are my consideration for spec home:Any similar spec home in the neighborhood.Any newer house in the neighborhood.What is the highest price per/sqft in the neighborhood.or ask local real estate agent. 

For many myself included, it was about the only way to get into real estate without waiting until we're 70.