While I’ve never done a project like this before, it’s something I’d love to take on—or at least organize and bring in the right experts to see it through.I estimate it would require around a $2M investment to build 5 houses on the lot, with each home valued roughly at $600K.

BRRRR, much like making money in general in real estate, requires certain conditions  for it to function.  

Cash flow, principal pay off and of course appreciation are all a function (percentage) of your portfolio value. 

I do look at the population, rental laws, rental laws, and major businesses/organizations (hospitals, universities, big business, etc.)

@Shrikant Kakani- thanks ...if you  dont need to use financing - disreagrd the following tip ..if you will need to use a loan to acquire your 1st investment property - I would recommend getting the formal loan pre approval step completed ..this is free  and it will help answer many questions you have  and  help get you organized and  prepared .

I believe most investors are better served hitting singles locally than swinging for the fences (and usually missing) in outside markets they don't know and with far less control over the day to day functions.

I have been through the worst experience with this drywaller.I am not using a general contractor, I have been organizing the labor myself.

149 repaid loans - 81 active loans...well run organization that understands bridge notes 

Getting Organized: Finding Functional Patterns and Flow

I have helped dozens of people buy and sell functioning homes.