Since your focus is on appreciation and taking it slow, I’d suggest spending some time looking at neighborhoods with steady job growth, planned developments, and strong local demand.

We bought 3 brand new houses this year from a builder who had below market financing lined up, when the development started, and we got 4.75% fixed for 30 years and 4.25% fixed for 10 years, then variable. 

Being able to streamline drawings and MEP coordination will make you a great partner for developers and rehabbers here. 

Tenant demand has stayed steady across our portfolio, and the balance between affordability and rent growth is creating some interesting opportunities for investors who want both cash flow and long-term upside.What I find most compelling is how quickly different neighborhoods are evolving with all the development activity.

Looking for a little advice..Little background: I am a financial analyst for a multifamily developer, so i understand real estate and all of the financials associated, but i am definitely not accountant. 

Amazing.Work with investors, developers, real syndicators not "content creators"! 

Quote from @Stuart Udis: I've sold membership interest and admitted members into LLC's (normally for vertical development phases of projects after completing entitlements).

But if someone is just holding rentals; and not providing hotel-like services- Them being a REP, flipping other houses, being a developer, being an agent etc....Does not make the rents from those unrelated rentals subject to SE tax. 

I have years of experience as Realtor, builder, developer, on everything from SFR, office/retail condos, small office parks, subdivision, etc.  

All of the areas around it are developing, but this particular neighborhood is slow.