This is sort of a micro apartment / short term rental play.

I gave him books like the tax and legal play book by Mark J Kholer, I can advise him on what to do once hes made money but I cant seem to find a step by step starters guide on the very basics of claiming and paying his taxes.Any Book recommendations?

Hi,I am in the process of creating a board game to pitch to BiggerPockets.Most of us on here have played or at least heard of the CashFlow game by Robert Kiyosaki.

That being said, property taxes, HOA, etc. all play into that and those are higher in new developments usually. 

Now I want to get his game for my kids to play so they can learn early!

All of those factors play big roles here.Obviously you have fantastic financing terms, but my recommendation would be to take it slow.  

Could maybe make a play with someone in a different part of Arkansas that is looking to expand to the Little Rock area perhaps.Thanks for the insight!!

Considering the amount of money at play, DIY could be more expensive than a couple hours' CPA time!

I agree with @Brian Simpson if Texas is a long term play for you it's worth hooping on a plane and visiting a couple of the cities you mentioned above and setting up your local team.

There are other creative financing techniques (partners, owner financing, wrap arounds, etc), however, items 1 & 2 seem to be the biggest impasses that I see young investors running into when they are starting their careers - the third is the down payment, which you have - well played.