My current exploration pertains to new construction and land development.

This will help reduce your liability and will make things easier at tax time.  

memphisinvestorsgroup.com is the link.  

I put an offer in on the rental I currently occupy, but came in under where my landlord (and 1 partner in this property) were looking at to even entertain giving up a cash flowing property. - He bought this 4br/2ba for 285k put 20k +/- in and I rent for 2700.

How does one manage this work/life balance?

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I have a tenant who moved into my rental in California in Feb this year.

You want a short term rental policy like @Garrett Brown listed.Regarding the 1m liability, we have 2m and a 5m umbrella.Now this is going to depend on where your STR is.

I have wholesaled properties like this in the past, but I'd like to keep this one for myself if possible. 

I have this plan where I first start out with a duplex , Rent 1 live in one for a year move back in with my parents and then leverage off that duplex to get another property right away.