It can typically be underwritten like any other rental property, just with the expectation there are going to be extra costs involved to split the lot, but that's where you are creating value.  

It's worth noting that both counties aren't typically on the "wealthy" lists; in fact, often quite the opposite.

Management fees typically run 20–30% of rental income, plus cleaning, maintenance, and insurance, which has been rising in Florida.

Happy to share some approaches I’ve seen work and what lenders typically need to make it happen.

Which is to say, the ROI on solar panels is typically pretty small—especially in the Midwest where there isn’t much sun.

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

Thats whos active, then find for sale listings and contact those brokers.You can email anyone, they will typically forward your email to the right person.

What's the typical best practice here?

Each development typically targets doubling the money you put in over those 4 years. 

., the Colorado lots),Either hold them as-is or do a build-to-suit 1031 exchange (complex, using an Exchange Accommodation Titleholder),Rent the new builds for a reasonable period (typically 1–2 years) to show investment intent, thenSell or 1031 again later.The key test is intent to hold for investment, not resale.