Fannie Mae provides templates for a mortgage and a note for each state I recommend you use an attorney, but if you decide not to those are the documents

Cons include having to deal with future rate unpredictability and paying extra interest over the course of the loan.

Houses are bigger, have more bells and whistles and people are willing to take on more debt-not for houses, but for extras (vacations, new cars every couple of years, experiences, etc). 

Would it be enough to cover your holding cost and provide a monthly cash flow?

and what should be the value of the raw land for each lot once LDP is provided. 

Hey @Chris Strandburg, so the reason a lot of folks say stay out is there are a lot of restrictions.For example from the PDF the city has provided-What are the main eligibility criteria to participate in Home-Sharing?

You mention garbage, but in my area sewer is also a common utility provided by the government which a landlord would want to include in the rent and pay directly.

Years of contemplating ways of making extra money outside of my day-to-day job.

It's definitely possible but the bank would probably also provide some pushback as they want to see the operator with skin in the game.

However, we also have fix and flips along with PML and wholesale deals that provide a level of cash-flow diversity.