Have you ever looked at performing real estate notes? 

A 200 acre park is being developed that will include a multipurpose pavilion for music and performing arts, 3 miles of trails, a great lawn, a fishing pier, pavilions, multipurpose practice fields, a cricket field, wildflower meadows, 400 parking spaces and other amenities on 64 acres.

Some say they're clean and beautiful, others say quite the opposite.

Find someone willing to be a project manager and have then manage the cost/schedule/performance. 

Moonridge is one of the better performing area in Big Bear.

For new construction, we have seen single-family homes perform very well in this market from a cash flow and appreciation perspective. 

I’d say the best thing to do would be to perform a cost benefit analysis (CBA).

With 5+ units, while they of course review your personal ability, they put more emphasis on the cash flow of the property itself and how its ability to perform is of high importance to them.Always keep in mind the following: 1) market cycle; 2) debt; 3) exit strategy (h/t Bill Ham).As you’re already seeing with deal flow, we’re towards the top of the market cycle with valuation.

You also need to know your local market and then you need to know how to properly and legally structure and perform the transaction.

It's year round beautiful weather means rentals year round.