How to evaluate "the deal"

[Demetrios Mustakas]

I have (self)studied real estate for several years but have only recently (last 6 mos) really begun to grasp the cash flow and tax savings aspects of long term real estate assets. I have an example of an opportunity that I am trying to .. navigate.. is the best word I can think of, to see if it could be developed into an actual deal. EX: my good friend's father has a piece of property (40-50 acres) that is not currently developed, just land. I recently found an Urban Redevelopment plan that includes a very large effort to develop the area, VERY CLOSE to where my friends fathers property is. I think there is something here. I lack the background and knowledge to know what questions to ask and what to go find out to see if there is something there. Basically, I need help, advice, I am reading everything I can right now. My areas of interest? Multi-family.