Also on whether to retain the tenant or get a new one, it's almost always in your best interest to retain a tenant once you factor in loss of income b/c of vacancy period and then construction period for new tenant), legal fees, broker fees, etc. 

From what I know, the common process of financing in the real estate development is like this:https://cdn.corporatefinanceinstitute.com/assets/p...But what if a junior developer who has less job experience in this field than any others and is trying to develop a huge scale of townhouses?

LOLIf I were buying in a D area it would definitaly be a PM job.

If they suck at the job, you have bad results AND no rent income.

But 26 Doors could potentially be 2 hours a week max if your Property management doing a good job.

Though I have a full time job as a tennis coach, I am looking to buy and hold rentals in another market, which is why I am currently reading David Greene's "Long-Distance Real Estate Investing". 

In NJ if a joint venture deal is entered into and one of the projects goes south the party who takes that loss can hold proceeds from another deal as right of offset for that loss.

Very good job getting the reserach part down.Now you need to focus on buying the first investment- You need to decide- do you stay in CAlif and bank on further appreciation, or do you go midwest and get cash flow and lower entry costs.Its nice to diversify (I have both) Specifically Temecula, CA and Indiana.The local ones in Temecula have great tenants, stay a long time and pose few problems The lower income ones in  Indiana has a much higher cash flow, but also have their share of evictions, and issues.

Great job growing quickly with super low cost properties.Just don’t forget that there will be bumps along the way, especially when dealing with lower income housing. 

I work 7-3 at my job and get home at 5 At the latest.