Well besides the hard costs (construction, materials) and soft costs (permitting, architecture, fees, engineering) people often forget holding costs. 

However, I strongly suggest to seek a structure engineer or architect/drafter that guide/help you on planning and dealing with zoning permits as well.

I'm a software engineer for a company called Accenture but I dabbled in underwriting multifamily on the side.

It's also important that you have a good civil engineer.

The city's diverse economy, favorable tax environment, and high quality of life attract a steady stream of new residents, ensuring robust rental income and long-term growth potential.

I lead every stage of the development from the rezoning of the property, handling all the communication with architects and engineers.

The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.

There is a robust community here in town though for STR/MTR - I highly recommend connecting with the meetups and the locals that are STR experts!

I like to use data, coming from an engineering background, and I see the data and trends over history, this can be used as a guide only to help with investment decisions (it’s not a guarantee but another tool to use). 

The rest: hiring for acquisitions and dispositions roles, finding qualified and legitimate buyers, building a network in each market (inspectors, realtors, etc), having robust operations and processes in place, all while conducting an honest, reputable business with homeowners is very hard.