Or do we find typically tenants want an empty shell to invest their money to their own liking?

Your idea for a new construction is a good strategy right now, because builders are offering a lot of incentives to buy their inventory.

Lehigh Acres has lots under 25k, a lot of new construction, strong rental demand, growth market, historical data as well that shows that.

I have pretty extensive construction experience and all tools needed already.

Space to grow.I'm under contract to buy a 1.8 acre site to build a 30,000 SF tilt-up wall warehouse starting 3rd quarter of 2024.Construction cost / SF: $175 (includes development and all associated fees)Construction Cost: 30,000 x $175 = $5,250,000Land cost: $500,000Total cost: $5,750,000Construction type: Tilt-up wall construction up to 24' highMarket rent: $18/SF NNNRevenue: 30,000 x $18 = $540,000Vacancy: 5% = -$27,000Net rent: $513,000. ~ ROI: 8.92%This are the preliminary numbers I'm using for my UW.The $175 per square foot cost of construction is estimated as per my talks with GCs and experience in the area.

What you want to do is work with an NMLS licensed institution and a direct lender that specializes in bridge, fix and flip, ground up construction and DSCR 

Purchase price: $215,000 This is a new-construction, 2-unit development in Chicago's Logan Square neighborhood.

Traditional loan products typically offer lower interest rates but require qualification based on your Debt-to-Income (DTI) ratio.

You'll need to do more than one fund to justify the costs.As others have mentioned in different threads, the sponsors are typically using the technology to more efficiently process their existing investors and the new investors simply complement them.  

Even new builds are going to have issues, some may argue they will have even more.From my point of view this sounds like bad luck, not typical, but just bad luck.