But as the market heats up, the rewards begin to overpower the risks...If you do decide to build, be very careful to research all of the costs and account for them in your proforma.

Beware the Maryland has some of the Highest taxes for income that I have ever seen.I know a high income individual who moved to Pennsylvania and telecommuted becauseof the tax burden Maryland puts on an individual.I am not knowledgeable about "Auckland" and if they fall under the US Federal Tax treaty laws but Maryland does NOT recognize or abide by the US Federal Tax treaty.Google "Maryland Income Tax Rate"  "Maryland Personal Property Tax" "Maryland Real Estate Tax" for target area  check to see if Maryland recognizesthe US Federal Foreign Tax treaty between the two countries.Then calculate your projected time requirements, potential tax implications, risk and reward for this investment.

No risk, no reward.

Consider the risk of them being the cause of the damage that results in a "reward" of $100. 

Reward if it all works out is low.  

Is the risk worth the reward?

And, not all Buyers are looking for a bargain (and yes, they are also likely doing something wrong, but hey, it's their money).That's why there is room for as many investors who care to put in the effort, to reap their rewards.

So they say "Big risk big reward".

There are of course other factors such as risk-reward, liquidity, expertise, etc., but so many investors dismiss UBIT exposed investments the second they hear there is a tax inside the IRA without actually bothering to run the numbers.

It all depends on your risk/reward analysis and will be different for every market and deal.