In the over 30 years I have been working in residential construction I have found that your local building department is the first place you will want to consult with and find out if what you are proposing would be legally allowed.

I would also add 8% for PM even if managing yourself, 2.5% for CapEx and 2-4% for repairs depending on how new the construction.

Licensed p/c agent.As rates vary greatly from area, to construction, to tenants, there are too many factors involved that give you an accurate rule of thumb.What I've been using is $1,000 for SFR, $1,500 for a 2-4 family rental, and $2,000 for college student rental.I know that the rates won't be higher than that, so anything I'm off by is just gravy.

NoOhio Revised Code4735.01 Real estate broker definitions.As used in this chapter:(A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following:(1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate;(2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate;(3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate;(4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate;(5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants;(6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate;(7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate;(8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners;(9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee.

Huge infux of jobs.. think Boeing ( I think they may be around for a while) Mercedes benz  ( same thing)  Now Volvo   14 hotels under constructions to the tune of almost 4 billion.. cruise lines making this an embarkation debarkation destination. plus the 2nd most poplular tourist town on the whole southern East coast second only to Orlando.How the Heck can you go wrong. 

I am going to purchase the land and my banker is going to loan me the construction costs to build the homes.

While attending school I've discovered that its not the route for me.I'm brand new to RE investing but have been watching youtube videos on leveraging, profitable cash flows, etc etc.I have bad credit due to past family altercations (sub 670) so financing is out of the question, but am debt free.So here is my situation, I have a business partner who owns a construction company and is willing to front all the labor costs of rehabing properties as long as we split costs of materials 50/50.

Hi @karen Margrave nice to meet u, in fact Malaysia market is still green than other SEA country, im focusing in project which is under-construction, mostly is services apartment(mixed-development) nearly town(Kuala Lumpur), for invest purpose here is a good place and also good pricing for looking oversea property.Beside buy& sell profit in term of rental income is quite considerable.Wish to hear  from you more.RegardsKenji chai 

I personally want to learn about the actual rehab process, a mentor who does a lot of his own construction would be ideal.The benefit of helping me out is that I do have the money to get into real estate investing so, if i learn with you there is serious potential for a partnership soon if both of our ideas line up.

And on top of that there is billions in new residential construction.