Very early in Sept. 2020 I received the Repair List and was in total shock at the $6,800+ estimate with the understanding that the final bill might be higher based on unexpected expenses (more like $7,000!

Please keep in mind your initial appraisal is just for the construction loan part based on vacant land and build specs.  

If you don't own a primary home, based on the amount of capital you mentioned, owning a home in the south would be lucrative in the future regardless of income generated from House Hacking or not.

I'm happy to talk with you and share with you what my client base is doing and what I have been doing here in Memphis!

Most cloud-based property management offerings do well over half of what he listed for you for a few dollars a month per door... rental application process, screens tenants, advertises your rentals, etc.  

Based on the years I planned to stay in the house, I figured that I can sell it once I move.

my point was just that Boise gets a disproportionate amount of media coverage based on its size.

@Ryland Taniguchi  not quite following you on the 10 to 20 million raise to use for 15% downpayments on urban townhomes... you talking gap funding or second position to homeowners IE sub prime..HML company is a fine play... lots of competition for borrowers right now.... but you probably have that handled.... returns are not what they used to be... and you definitely need 20 mil plus to make significant money at it right now and all the risk and trouble of maintaining your investor base.. paying everyone etc etc.

Sure, 8% annual return is viable, as is 40%, 140%, 4%, -14%, -40%, anywhere and everywhere because again, it's based upon your actions, your business strategy, your capability to execute. 

I suspect he has a NW in multi-7 fig range based on past postings - sold a business or something.