I spent several years in San Francisco selling real estate, where I specialized in Lofts, Condos, and New Construction.

Stick to conventional construction at that price range.

To put another way, if the developer bears the cost of construction, maintenance and staffing of the facility at the outset, when will they be relieved of that burden?

You won't get the same profit percentage you would if you did it yourself (100% vs 50% more or less depending on your negotiating skills) but if you have never done it before you run a much bigger risk of losing money on the project.I'd say your best bet is partnering with an experienced investor who is willing to help you out and not just wholesale it to someone who will suck out any profit you stand to make.

Although I don't know those markets, I bet you can find reasonably priced investments in Frederick or Hagerstown.

I have a full time job in the construction industry selling materials however I am a complete novice to investing.

You can bet I'll be looking into both of these suggestions.

I bet many of these same people would consider buying an investment property "risky".

Agreed, usually a SFD or small multi is much better for the landlord.I bet the OP errored in posting his numbers, what would be silly is to start out trying to rent a $1M SFD, but 10 condos might be better if that was correct.Varooom!

Learn the local markets, for timing, finishes, construction costs, financing possibilities, codes, etc.