It all boils down to the price you pay to purchase, the cost to make the property habitable or attractive to another buyer and what its worth to you or someone else when you're finished.    

And set your rents a bit below market in order to attract high-quality tenants--it's way worth it!

I looked around a little bit and the numbers do seem to work much better, which is pretty attractive.

But, I'll use that for arguments sake.Basically, it stands as follows:$169,000 all in construction costs $50,000 lotI have access to money to buy the lot and attractive interest, I would need money for construction (most likely hard money), with a 6-month holding time (builder can do it in 4 months, but 2 months to sell).

One aspect specifically is to learn how to attract and engage private lenders.

Aside from the deal itself, managing the managers and a cut of the monthly cash flow - I don't know what would be considered 'attractive'. 

I would argue that anything under these minimal expectations probably isn't even habitable and wouldn't attract a non section 8 tenant.

By doing this it'll leave a little room to lower rent if I to attract a better tenant.Anything im missing on this, much like my first deal, it all seems too good to be true, and i want to make sure im not missing something.Thanks,Nick

Most FSBOs attract investors looking for deep discounts.

To mitigate this issue I've attracted some modest family/friend money into a fund that will act as seed money for down payments, partial rehab costs, holding costs, etc.