If rent is not paid we follow up personally.

I track everything at the "buy" on a spreadsheet as far as income, expenses, CoC return, ROI and have another spreadsheet to estimate and track all rehab costs.

We beat out 5 other offers and paid over asking price.

I live in the Chicago suburbs, so just about every type of neighborhood is available... cheap, expensive, old, recent construction, well kept, run down, etc.  

If you have  / can find suitable land (topography and zoning can be an issue), have access to the necessary capital (more expensive), can be more patient with the timelines (new builds will take quite a bit longer, especially on multi units, and dont' forget to factor in possible weather delays), and enjoy the process of designing something from nothing - GO FOR IT.One big caveat: make sure you have the RIGHT General Contractor who really understands new construction.

For example, effective drainage is essential to avoiding future problems and maintenance expenses.

Bigger Pockets has proven to be a resource that has been worth far more than what we paid for one of those courses and has gotten us to where we are in the real estate investment arena.

This sounds like a fair housing claim waiting to happen- they're really expensive and almost impossible to win if you don't have a documented process.

Forget the money you put in and sit down and figure out the latest expenses and where you'd be if you sold vs if you fixed it. 

We truly believe Jacksonville is next on the list as those three cities have become very populated and expensive.