@Dan Grodnik There's nothing wrong with setting your sights high from the beginning, but I would highly advise against jumping straight into a big deal for the following reasons:1) Financial Risk - The larger the investment property, the larger chance for financial loss, especially with no experience.  

Every HML deal I have entered was straight up: buyer sends contract, I offer to lend x percentage of purchase price, and buyer must have the difference to close.

Having a sister to show vacants is great, but when the toilet overflows at 3am because the kids thought it would be fun to flush tampons down the toilet is she going to be taking care of it? 

Getting the building permit is really a pretty straight forward new multifamily residential construction permitting process.  

I have found JEN to be very good.Although all of the closing I have done with them were of the straight conventional financing type.

I have been making on time vehicle payments for about 3 straight years now, got 2 credit cards earlier this year and have used less than 10% of my available credit and have paid in full at the end of each billing cycle, and my student loans have been on auto pay for an entire year without missing a beat.  

I will keep this short and straight to the point.

  ( unless builder has cash for vertical which is not common at all)Bank will want first position.. you would have to subordinate  ( not subrigate).. which is about as risky of a thing you can do in this industry  2nd position behind a construction loan... if you choose this route you need good legal council to set up your transaction were you have the right to step in for the builder for cause... this is critical in second position lender docs.So in my mind I bet once you run all the numbers and consider your tax planning you may come to the conclusion that a straight sale and 1031 is best.. given risk reward.. and as hot as Charleston isselling the dirt to a builder is just a matter of putting it on the MLS at a fair price.. if your builder balks at a cash sale.

Do you form the llc when making the offer and if you don't get the property that $ is flushed down the toilet?

Our criteria needs/wants is <$2300 rent not including utilities, 900+ sqft, 2BR, on-site laundry, 1 off-street parking spot (2 preferably), kitchen for someone who cooks a lot and somewhere that doesn't have a ton of noise pollution like next to a heavily traveled road, train line, or the place shaking because a passing airplane, train or flushing of the neighbors toilet.