It seems to me that rents have not quite caught up to home prices so I probably wouldn't be able to cash flow until I've lived in the property myself for a couple years. (2) I'm also debating how big of a project to take on for my first time.

It sounds like you bring a ton of value to the platform given your past experience.As far as where to start, that is difficult to answer without knowing more about what you're looking to accomplish and how hands on/off you intend on being with your investments.Turn-key companies have tremendous appeal given the fact that they target below-market value properties, handle property management and project management.

Congratulations on making this project work and best of luck to you in the future!

IMO, it’s not smart to base my cashflow projections on units that aren’t legit.

. - Tax planning for 2022 and future years - Want to understand implications of doing STR and material partcipation rules. 

Hey Correy, I have not worked on a project using that ADU bonus but I know someone who is building one, I'd be happy to put you in touch with them.  

I'm a realtor here in Missoula, and I'm planning a large subdivision project with a partner of mine in nearby town, we'd be selling roughly 200 homes.

Like most others, I am using HML to fund projects: they charge more interest than PM, they charge lender fees and origination points.

Or the other likely problem - negative cash flow (the income projections aren't addressed here, and it seems highly likely based on the financing.)  

I would also be open to partnering with you on a couple different projects if that's what you're looking for.