Congratulations on mapping out the strategy.

This would theoretically give me like $500-$600 of cash flow but I would lose out on any appreciation.Concerns I have about this strategy is 1.

. - Lose out on most (now you're stuck with that vacant lot that, if you go sell it, will be a stale listing with little/no interest), win on a few, and hopefully the wins offset those losses. 

However, if someone sues you and wins, they could take all of your rental properties.Better:Using a separate LLC for each rental property.

I don't have the connections or will to do a lot of renovations or remodels - turnkey is my strategy for now in decent+ areas (C or better). 

He has been wonderful in helping me grow and change my tax strategies as my business has grown.

For many starting out, buying in their name might be a better strategy.

Finding Owner and Property Information: What are effective strategies to uncover detailed information about a property and its owner, especially one that's listed but seems neglected?

I guess his strategy is to bait, switch and scam as many people as possible.

It all depends upon the total cost of construction, based on that your monthly fixed cost/mortgage will come into picture.You cannot rent too far from market rate, essentially you should have some spread between mortgage(construction cost) and rent to cover for cashflow, vacancy etc.I would suggest you to keep the selling it out as your second exit strategy if renting is your first one. in that case your construction cost + selling cost cannot be more than market price of new construction.You can also try to reach out to developers to give them a piece of the pie but then you will have to sell for sure.