I had a good friend when I lived in Napa and played golf with him frequently he was a Brain Surgeon and had the yipes something fierce could not make a 2 foot put to save his life..

I think the play would be buying a property that needs some rehab and you can split off a new lot due to new lot sizes and setbacks.

Some carriers offer loss assessment insurance, which can come into play when the HOA experiences a large covered insurance loss, such as a hail storm requiring roof replacement or a fire requiring building replacement.  

REI is really fun.  

Quote from @Jaclyn Spinelli: Quote from @Aristotle Kumpis: Are you looking for more of a cash flow play vs appreciation? 

This typically comes into play with big banks (Chase, etc) who are buying the loans to place them on their balance sheet.

I I am playing with different scenarios and want a back of the napkin number I will use https://www.omnicalculator.com/collections/real-estate.

Not fun or enjoyable in any form or fashion.  

Buying raw land near brown field could be a good long term play.  

Again, this is where weekly email newsletters, monthly physical newsletters, etc come into play.