This means no per booking fees for our owners, which adds up to a bundle of cash over the course of a year.  

If you are cash, lets chat.

But the idea of solving the water problem in a way that generates cash flow intrigues me. 

@Mohamad Guene  Simple answer - you will be cash flow negative, and your appreciation will be limited.We did a new build once for a rental - it performed miserably cash flow wise despite a great location and property - we ended up selling it 3 years later.There are very few new builds in Huntsville proper - are you referring to an outlying area like New Market or Meridianville?

If those do not work then go buy a rental that does not cash flow. :) 

I've managed to save up a decent amount for a downpayment, but I'm feeling lost about where to even begin.

But the headache: CPA said need to file tax of the SDIRA ; Lawyer who helped to setup LLC said you need not to file tax when you didn't get cash from SDIRA.Do we need to file tax for SDIRA or not?

I think everyone is forgetting that there is a huge amount of people that DON'T want to live in or near a big metro area. 

My primary goal is long term appreciation and I'll accept a property that breaks even on cash flow.

During the term period, do i take over mortgage payments and pay the seller a rental fee/rental premium from the cash flow?