Good to have a CPA in your corner.

I was looking at building a few group homes on corner lots I own.. and figured I can get more money for them than just a standard sale. but was stymied by permitting. 

Or they're cut corners and have processing or underwriting in a different country, therefore losing control of the process.

An identical house around the corner sold for 127000 in feb.

I agree that it seems that a correction would be right around the corner.  

I have seen houses with almost no replacements that was on a larger corner lot go for more than one with upgraded baths and kitchen on a smaller not corner lot, what ever that is called.

Personally I doubt you’d see as much appreciation in single family as you would in small multi(there are a lot of quality brick 2/3 flats that will last a long time as opposed to a tiny 800sqrft 2 bedroom SFH of which there are also many)also the corner of Hammond where I work (right off Indianapolis is particularly well situated) I like the more inland portion less but also probably great for cash flow

You can be lazy all day long as an investor and 'trust' that the contractor is using the right quality materials, not cutting costs, overcharging or cutting corners on your project, but don't expect that you aren't increasing your risk of being taken advantage of in some way by 100x. 

But if you are supplying all items: the inventory list will include drywall/cement board, screws, corner beads, mortar, tiles, grout, sealer, cabinets, appliances, countertops, electric boxes, ROMEX wiring, likely both 3 and 4 wire and in typically 16 gauge could vary.  

It is in a corner lot on a very busy Main Street.