buying developed lots

[Branham Garth]

Hi all. fairly new to this site but feel a great deal of market wisdom resides here. My wife and I are focusing on two strategies for purchasing RE now and wanted to ask about developed lots. We see opportunity in the large amount coming to market ( through banks ) with targets of 50% off highs and think it is a way to buy and hold a few years before the residential market comes back. We just don't know if this is the best use of our limited funds right now. There seems to be little in the form of funding available but we do have the capital to go into a 10 -20 lot development without leverage. Have been looking for a couple months and feel I am missing something here... Thinking is a 3 -5 year flip to a builder group or to control a whole small subdivision and build out as the market returns. This would obviously skip a potential long step in development costs and government approvals for zoning but would have no income until the market returns. Bottom line is looking at it from a " great deal " on developed land and am interested in someone to shoot holes ( or say go for it ).

Also, my long term goal is to get into development and as there is no market now this could be a way to get in now for a future project.

thanks for your help.
Branham