@Marysue ConnellyMake sure you understand your state and county laws and rules for proper notice etc.

The determining factors on which markets to consider investing include: a stable and diverse economy, low property taxes, landlord friendly laws, job growth, population growth and a business friendly climate.

Shouldn't have any issues converting it over to RD R-2 Medium DensityResidential District and can build 3 quadplexes on it. 

It honestly depends on your strategy - LTR, STR, flip, wholesale, etc. the tenant / landlord laws in CA are in favor of the tenant which often scares people.

If so, that could be an issue...Fannie/Freddie have a limit of 10 conventionally financed properties. 

I think this is a creative idea with a lot of potential, though also with some unique issues as mentioned above. 

I'm also aware of the issues involved in building a tiny home in certain counties and everything that comes along with it. 

The fourth thing is to vette the property knowing liens against the property, zoning, environmental issues like wetlands, flood zone, availability of utilities, condemnation, code violations, and more.

I own and manage medium term rentals with neighbors who will call us if there is ever an issue and have even helped my guests when they needed it.

Another issue that I don't find the solution in the syndication literature is how do you finance the interest paid to the investors when there is zero income during the construction.