I operate my own real estate brokerage business on Long Island and I have two people who want to get into the flipping business with me.  

Although I also think it's worth examining your mindset: instead of an action giving you a result you weren't hoping for being classed a "waste of time", just think of it as an intelligent way to make sure your operating at optimal efficiency.

In this aspect your ARE operating as a real estate agent and it is ILLEGAL. 

I operate under my business name of jify renovation.

The only other things that I would encourage you to think about, if you haven't already, is how you are going to manage and scale your operations.

I would also require much better than a 10CAP to deal with the homes, septics, and economies of scale.Based on current operations, I would place the NOI on lots at around $7,200 ($300 lot rent).  

For the past 8 years I have owned and operated a residential construction company.  

This is pertaining to a property management operation in Arizona and we need to know what kind of paperwork needs to be filled out on a yearly/monthly/one-time basis.

Depending on the order of operations here, if you enter the market to try and rent up the properties first, prior to ownership, you would need a real estate license issued by the state.  

PM me if you need any info about hostel operations.