For larger accounts with PMS integrations VRBO is a passthrough and we are the merchant of record. 

I know of some folks in KC and Memphis doing new builds like this, but they are doing it within a much larger and long-term project that includes upwards of 300-500 units built over the course of 5-10 years.Assuming you're looking in Columbia, do you have a "B+/C" neighborhood in mind?

Feel free to inquire about their staff qualifications if it's a larger organization.2.

Also make sure to build on a property located in a desirable location with larger pop density and if holding for rentals, charge median rent for that market as lenders want to see a bigger pool of buyers/renters available to occupy/sell. 

>I'd look to invest in small multi-family 2-4 units with a larger down payment ~50% or more (only way to produce positive cash flow here at the moment) I never understood why one would want to buy cash flow.  

He is 69 and does not want to reinvest (1031 exchange), which leaves me having to make a much larger investment on my own to meet the 1031 requirements which is more than I’m willing to do at this time.

If they can build a larger home and sell it for the same or more rather then building a couple small homes why do it?

Tough last name to have in the land of the Golden State Warriors ;-)I have a client in Kansas City, MO that has done something similar with one of his larger homes.

Maybe just try finding the deal and sending it over to a larger wholesaler for a JV fee?

When you start to get into larger properties, it can begin to make sense.