You need a commitment letter and rate lock. 

@Parth DesaiPlease don't commit mortgage fraud.If it's going to be an investment property, then tell your loan originator. 

It's usually a Success formula if you're committed;-) Mike

I have been reading books and posts here, and trying to soak up all the knowledge and experience like a sponge before I commit to anything.

I've often heard people say, the California market is different, you wouldn't expect great cash flow or returns, and the investment is more about long term capital growth, in which case the conventional calculators are less applicable.Can anyone suggest how I should analyze such a proposition to ensure I'm not committing financial suicide?

This is the kind of thing people in office have to commit political suicide to get done.

After reading, researching, listening to podcasts, and being stuck in analysis paralysis regarding picking a market for the past two years, I am finally ready/committed to taking action.

I don’t know how you would work any kind of LLC versus just tenants in common  ownership  just be open with a good mortgage broker and they should be able to help you. just don’t lie about it being your primary and commit mortgage fraud. it isn’t worth it for the better rate or lower downpayment  putting down 20-25% might get you a better rate and out of PMI as well  My wife was an RN at scripps in La Jolla before we moved here and she put in her 20 to retire at UMC.).

I would not discuss off line one year lease or anything else not committed in writing.

You can always give Codes a call to double-check before committing to building.