The mgt LLC is doing the property mgt so the internal contract agreement could have that LLC hold everything — not sure if you need a brokers license.

I plan on living abroad so US real estate won't be an option for me for at least a couple years, so I was thinking of just starting internationally.

Talk to a local architect or look at the international building code chapter 11 for what all goes into an accessible unit.  

If you are dealing with one of the (inter)national engineering firms, they probably will not play ball, but you may be able to convince a regional firm to credit a percentage (perhaps all) of the Phase I costs if you use them for the Phase II.

You use an internal rate of return or your CAP rate to estimate your return on investment and your cash on cash return.

Aloha,One path you might consider is working with a PM company, as a Leasing Agent or PM assistant initially, or even actually in rental maintenance,  learning the internal workings of PM, while also having access to MLS and experienced Sales Agents that you can also learn from.

@Maurice Burnett as @Tom Shallcross mentioned it is required in the City of Chicago as a city specific requirement however no where in the MLS nor IBC (International Building Code) is a closet required for a bedroom.

I was wondering if anyone had any experience with international investment pieces of property.

This was my internal team.

We've run a few calculations and NPV projections, but there are a lot of "unkown unknowns" - especially when it comes to tax implications, arbitrage, and international law/regulations.