Does this naive suggestion elicit uncontrollable laughter from the experienced developers who are reading it? 

You need to be mindful of that, and develop a strategy to ensure you can deduct interest.

@Dan Romnek A lot of factors go into the determination of what property size we are buying and are "sweet spot" . 

Price / Rent Ratio - lower the better Avg Median Income - feeds into #2, not as important on its ownAvg Median Price - feeds into #2, not as important on its ownAvg Median Rent - feeds into #2, not as important on its ownRent % of Income - rent should be >1/3 of incomeSociodemographic Rank - should be high (used this article)Population Growth - should outpace US average (used this site)Jobs Growth - highger the better (used Forbes data: example)Law Favorability - should be landlord-friendly (used Avail: example)State Tax Favorability - should be favorable (used this article)Poverty Level - should be low (used city-data.com)Crime - should be below US average of 290 (used city-data.com)Industries Present - should be diverse (used city-data.com) Here are the markets I evaluated: Bend, ORGreenville, SCCharlotte, NCMeridian, IDMidland, TXSpartanburg, SCHuntsville, ALKent, WAWithout any further delay, here is my market analysis laid out with selection criteria and markets: As you can see, the Top 2 Markets are: Meridian, IDCharlotte, NCand they are mostly green across the board, hitting all selection criteria, at a reasonable purchase price for my first investment at a young age.Now that I've completed a brief analysis, I'm looking to dive into deal finding and developing my Core 4.What are your thoughts on my preliminary market analysis?

We have budgeted a Capex assumption and have solid working year 1 Opex developed with our property manager.But I want to create a Month by month budget for the first year incorporating our construction project timeline (wll be developed during due diligence) and the Expiration schedule on the leases.

If you cannot find a tenant in property one for awhile, you have to factor in the vacancies cost.

Also, I travel a lot in my primary profession so I have no issue with vacating my condo and finding another living situation (maybe a small apartment) if I'm able to develop a passive income stream by doing so.

Hello,I have experience with building multi family projects, my partner is a developer/builder. 

I'm looking for some help directing me on the right path to lead development.

If she can't find another suitable place, that makes me believe she is paying way under market, and unfortunately when you rent those kinds of places, they come with certain challenges, such as a "hands on" landlord.Another factor that was not pointed out yet on this thread, is that the LL is an owner-occupant.