And to manage 10 homes with a 9-5 is a PITA even with a management company.

I would send your client to a really great architect like Jones Pierce who has the expertise to get their dreams onto paper and properly manage the homebuilder. 

I also manage for some folks who buy $100k and rent for $1400 so there are a few ways to make the numbers work.This is a snapshot of Zillow...in the nicer areas you can buy most anywhere since you are sniping the rental-grade properties amongst the owner-occupied prices.

I could also increase the NOI by taking over management myself.Seller is motivated to sell because he's out of the area and trying to consolidate his holdings for easier management.  

We're funding in excess of $35mm a month in short-term, construction loans, so we're doing something right.As for the idea that some construction manager builds your rehab schedule is false.

This is wrong question to begin with.The right question: do you know any good fund manager that has proven track record with 15-20IRR in the last ten year ?

Correct but this will be a STR in a prime market with pool and by beach so I am sure I can manage to break even

If it's within an HOA, call the HOA's property management company and ask them if they know any of the history of the lot and if they see any constraints to building it and what steps it would take with them to build on it in conformance with their CC&R's.

Management - between myself and a super I work with I think management of the job will be straight forward.

Team,Recently wrapped up an eviction with the help of my property manager.