New Construction Single Family Rentals???

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Has anyone built their way into single family Rentals?  I've built a couple of my own homes and I wonder about doing this for rental properties.  

Pros: 

1) Instant Equity 

2) New property with low maintenance

Cons:

1)  Huge time commitment.  (I'm retired and I just enjoy construction projects)

Please share your experience and additional Pro's and Con's.