i think the numbers in this post for construction are really low... its def not 200 a sqft, the poster that said 350 is prob more spot on.... i looked a project where the house was just off ventura in studio city yet facing it, the next door house was capecod new build sold for 2.3m i think and the nextdoor lot was thesame size for sale 950k-990k i forgot where it closed...long story short at a min you need 3000 sqft for those homes and at a 300 build thats at least 900k if you are lucky...you need much higher quality finishes and products to command that market esp in the valley, and a pool at least will cost 150k...so long story short, the margins might be decent to make like 200-300k but the risk is far greater.. if that luxury mkt softens a 10% drop in price on a 2m house is a lot of money whereas a 10% drop in price on a say 600k flip is only 60k

I don't think that's doable unless its a bare bones metal building which the city may not allow and which would also not command $15 rent. 

If location is key, coastal property (high up out of the flood zone) especially if there will be less of it...should continue to command a premium. - STR Permissions.

In west coast markets and especially in HI you can command much more property than you can buying. 1a) use that money to buy rentals out of state where numbers make sense 1b) do your active investing activities such as rehabbing flipping. 2) get a Heloc and do 1a and 1bIf you don't like any of these answers or not willing to do it then you need to make some concessions in life.

If you don't readily have full command and comprehension of every facet in this, absolutely get an attorney asap to do all of this, it is NOT an item to mess around with randomly found forms from the internet. 

A lot of investors are rehabbing places and commanding premium rents and seeing what look to be strong returns via BRRR.

Will you be charging the maximum allowable rent that the property could command, or are you cutting the former owner some slack?

Homes in better districts command a higher price per sq foot.

but some markets command $1,000,000 per acre, and many Self storage Developers will snatch them up and do quite well. 

Towns must determine their value based on their current use without regard to the price they could command if they were offer for sale on the open market.