Better advice is know the risks, mitigate the risks the best you can. 

It will teach you so much, has the best financing options, least amount of risk, and will let you know if you want to be in this business or not. 

And therein lies the risk of high-leverage.  

If you're still interested, take a trip to the site once ground has been broken.The flashy marketing material for a new development is great, but don't put your money at risk for something that's likely to vaporize.

They could self manage for several years, using the rental income, until the next phase of their retirement.If they have a decent amount of financial discipline, they may want to get a HELOC now before they build to get the most favorable rate.

Generally speaking, I think tech like this stuff and social media have lowered the barrier to entry, allowing people to take risks they dont fully understand, whether wholesaling. flipping, lending, etc.

Yes, I have been involved with several "mold" properties that still had high mold levels after remediation.  

While I understand the risks associated with investing in areas unfamiliar to you, my budget forces me to do so.

How would you manage risk? 

Getting one property and cashflowing it will be a challenge. you can try seller financing but you are still going to be highly levered which just enhances the risk that you are taking on.The best way to grow is to focus on managing your rental, saving money through your W2 and crushing that - if you are a realtor you will make more crushing it as being a realtor than over leveraging real estate - then save for down payment and buy slowly. its not a rush.