Real Estate Developer Criteria

[Jose Sison]

What are the most important factors for a real estate developer to consider when purchasing a property?

I have a family member that has a property on about an acre of land.  While it is on a larger lot than most around it, primarily a quarter to a third of an acre, there are quite a few other properties nearby that sit on an acre of land.

Buying the property straight up and selling it doesn't appear to have any returns, however, splitting the lot into two and tearing down the existing house and rebuilding two new houses could be quite profitable.

I have no experience in rehabbing.  I'm actually still looking to get my first deal.

Do you have any advice, or direction for wholesaling this property to a developer?