Hi Adam,

I project manage townhouse developments in Qld.  It is not necessary for you to be all things in the project, you do need to be aware of what is happening and the costs involved but having a good team is the real key.  The numbers that are most important are the end sell price, cost of construction, DA costs, council contributions and your hold costs during the build.

Time frames are also important in particular the time required to get the DA up, can it be done under Risk Smart?  How long is the expected build? How long will it take to rent or sell the finished product.  

The next thing is to know your builder and his history, will he give a fixed price and what will he charge for variations to the contract.  Trust is a key component at this point. 

Do you intend to hold the finished product in your portfolio or are you intending on selling for capital gain, these each come with tax issues that you should have a property savvy accountant advise you on.

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Cheers

Rana