I'm an electrical engineer and have worked for some of the big biomedical companies for almost 20 years.  

@Terry Burger , For a "regular" house on a "regular" lot your looking about 7 bucks a foot +/-    For this type of situation I would consult with the municipality, my engineer and my plumber on the EXACT parcel of land I was looking to develop.  

Had an interesting discussing at the Orange County BP Meetup (everyone should come) with an engineer that deals with solar projects.

I am a licensed PE in CA.

Development is a very complex business that involves real estate, construction, engineering, design, finance, etc.

Now that the easy part is over (yes, that was the easy part) you will need to research SEO or Search Engine Optimization.

@Mike Mitchell Techniques such as direct mail, craigslist ads, networking with realtors, pay-per-click, search engine optimization, and bandit signs (check your local area to see if they are legal).

What would be the all included (engineering, permits, materials, labor,...)sqft construction cost on a $/sqft basis for the such a project excluding land?

I'm kind of debt averse, especially since I will already have two mortgages.I am planning to go with a rental management company so I don't have to deal with the hassle of managing it since I am a full-time software engineer.

I am not handy at all (software engineer: great at building software suck at anything physical) so I think I should probably utilize a rental management company.Thanks again for your kindness and patience with a rookie just trying to soak up any of your knowledge I can to become a seasoned vet in a few years!