I will rent out this new house, covering my mortgage payments with the rental income and steadily building equity over the years.Let me know if you are interested in doing something like this in Southern California, I have my team (brokerage, lender, architect, GC) ready to go.                          

TCOs are through your building department, and at least locally you can ask your inspector for this.

It takes time and effort to build.

However, locally some places in PA are allowing ADU, but have restrictions that if you build one for a parent or a child, that once they leave it can NOT be rented to a non-relative. 

keep building out your network and meeting people in the market you choose to invest in.Columbus, Ohio is a great market to consider if you're leaning towards appreciation.

Build a commercial team- insurance, financing, Planning/Zoning, fire inspector, trades- electrician, plumber, carpenter, excavation, concrete, hvac, flooring, engineers, signage, etc. 

You can look those up with the local planning department if there are major redevelopment projects from roads and sidewalks to building renovations.  

The only thing I could do with the land is build a house there.

I'm not sure what unit count you are looking at, but most 5+ unit buildings need to be LTRs, but anything 2-4 unit multifamily can easily be done with A DSCR loan for short-term rentals. 

Building equity over time can help mitigate risks associated with market volatility.Thanks,