Omitting (or using a generic) vacancy rate, leasing fees, management costs, legal expenses, associating fees, maintenance, capital expenses and other fees associated with property ownership can really skew an analysis.

I've thought about owner financing as well....but i was wondering if there was a way to do both...if it's even legal?

Cap Rate: Looks respectful but some one here will brag it is not highCash Flow: + goodness directionI will check with Association looking at lawsuits, restrictions and income statement that show they will allow you to rent to others.

Verify it is Actually subdivided, Legally, already, as opposed to being just proposed.

We've done 1 so far with a buyer we know locally, however I'm not sure how to legally move all these properties in an efficient manner. 

Not to mention you would likely need to work as a licensed Real Estate Agent for several years before you are legally allowed to open your own brokerage and offer Property Management to 3rd parties.

We would be funding the construction project but I have a lot of questions about legal ownership of the property as well as how a loan for a portion of the project might work.

Hi Steve,It also comes down to comfort levels of whether you like to micro or macro manage your funding pools as well as your own personal financial auditing style.You also need to keep legality in mind as to whether the property is setup under a personal or corporate entity in order to protect yourself or your personal assets etc. 

When you find people to partner up with always consult with attorney on the legal structure. 

The city and county have employees that check the websites to make sure that each property is legally licensed and allowed.