Inherited 50 acre land...got questions.

[Franklin Lee]

Hi all,

Well, for the most part, I've inherited only 15 acre of land in a rural area. It's a good, nice, country area that is only about 1 hr away from Washington D.C. Thought maybe I should invest by developing 15 homes on those 15 acres.

Now, I know developing is a whole new ballpark than what I've been studying...but I do see some potential in this category of real estate. The median price in this area is around 250,000. So far so good.

The developer, thank God they're in Richmond, VA, I'm referring to has some really good homes that are around 80,000 dollars. You can look them up here. http://www.lockridgehomes.com/Gallery.aspx

Now, here's what got me thinking. I've checked the FAQ section and it said that there are no hidden costs. Everything is paid for...but when it comes to "Owner's Responsibilities," I got kind of displeased. Does it mean that you have to pay for permits, zoning, porta potties, etc? If so, how much would they cost? What would that add to their home costs?