We are searching for properties where are all in cash position around 75-80% of ARVs but if our ARV analysis is off or if the market dips before we refinance, we are prepared to leave cash in.  

I had the lease prepared, had several backup tenants ready to take the place, so I told them that I have people willing and able to meet my terms, and besides, if you can't keep your promises, I'm going to have fights with you in the future.Funny thing here was I immediately call the next tenant, and he asked me what happened to my 1st tenant.

It doesn't sound like you will be having a monthly payment, and like you may have experience with preparing a Repair estimate.

@Precious Thompson  I would suggest you prepare to leave by April 30, 2017 and contact a tenant advocate to assist you in reviewing your lease terms and communicating with property management.

Since Im mainly involved on the financing end I would look at the after repair value (ARV) of the construction, permits/softcosts, holding costs, land acquisition costs, and etc to make sure you have sufficient margin or safety for profit if you need to sell or equity if you need to refinance or take out that construction loan so you can hold.I would always recommend multiple exit strategies prepared in advance so you arent forced to take any specific route.Generally Land acquisition costs are 10-20% of project cost but in areas where the ARV is 300-400 persqft or higher you can pay a higher cost for land and still make your intended equity creation (if you intend to refi) or profit margin (if you intend to sell). 

love this thread I am preparing to do this as well I am selling some commercial property in Southern California and hoping to get land and make connections with tiny home builders.

The pest control professional will likely not be prepared to remove furniture since that is really not their job.

Andrew Johnson “I use Appfolio out of santa barbara, ca its definitely not free and my property mgmt company passes those costs down to me which I think is around 50-60 bucks a month based on number of units under the service.I am able to see all reports from rent rolls, cash flow statements / trailing 12 month cash flow, tenant ledgers, maintenance requests, dialog between tenants and mgmt staff, resolutions to maintenance requests, move in pictures, move out pictures, or video, and many more features.What I like is that it allows the vendors to be in a dialog/text/chat box so they are prepared (vendor) prior to job assignment with lockbox codes, scope of work and pictures before they even go to the site so we dont waste time figuring things out and run up a huge $$$ bill for lack of efficiency.”

So my advice to you is, prepare as much as you can, but more importantly just get out there and do it.With that being said, things like tenant screening, lease agreements. and financing are some things that they talk about on the podcast as being some things you don't want to take lightly. 

Andrew Johnson “I use Appfolio out of santa barbara, ca its definitely not free and my property mgmt company passes those costs down to me which I think is around 50-60 bucks a month based on number of units under the service.I am able to see all reports from rent rolls, cash flow statements / trailing 12 month cash flow, tenant ledgers, maintenance requests, dialog between tenants and mgmt staff, resolutions to maintenance requests, move in pictures, move out pictures, or video, and many more features.What I like is that it allows the vendors to be in a dialog/text/chat box so they are prepared (vendor) prior to job assignment with lockbox codes, scope of work and pictures before they even go to the site so we dont waste time figuring things out and run up a huge $$$ bill for lack of efficiency.”