Numbers might be tight, but eventually it will be paid off by the tenant and the number will increase and take care of itself.  

I know many people that rent out units short term and they were eventually shut down by the city due to violation of city and state laws.

Very important - please include what your land is zoned for and whether it is out in the country or within city limits.I want to know what raw land is worth typically in areas that won't be developed for a long period of time and if buying near a city has any pros/cons.All input is welcome.

Selling a piece of land with utilities to the site, zoning use approved, scraped and cleared land, etc. is very different then selling a piece of land with an old house on it for a tear down and lot had to be cleared and graded.As a commercial developer if a seller wants a quick sale then it will be a low cash offer.

Develop a solid ARV based on comps.  

Control and eventual ownership of one and three quarter million dollars worth of real estate, for just seven thousand dollars down, is worth a look in my book.Especially when the fundamentals suggest that your tenants (paying you 1% gross per month) would be paying all its ongoing expenses, mostly! 

There are a lot of good agents, PM inspectors and others. what works for me not necessarily will work for you.each one of us come with different agenda and plans.I recommend you to pick up the phone or email and reach out to some of them. share your plans and ideas for the near future and the long term. remember, its all about the people and the connection you make, once you find the right one for you, eventually, your team will build your team.good luck.

Eventually, we have some other areas of the country that we're looking at. 

It is only good for 10 years.You also need to develop a solid ARV based on recently sold comps.

Although these are some of the issues expected when a full renovation and construction is happening right next door to an attached house; it is an extreme inconvenience to a family who recently moved in.We are trying to speak with the workers doing the work next door and trying to reach out to the owner / developer.