You should develop a business plan before you start flipping to decide how best to access these, and more, sources of capital. 

As a first-time homebuyer with a long-term plan of real estate development, I was wondering if anyone had any ideas on how I could obtain a USDA guaranteed rural development loan even though the current property does not have a home on it.

Hi @Tony KuI get a few REO's in my inbox every week and most of the time, they're in areas I personally wouldn't invest in (not near centers of economic development/growth, etc)."

I'm a software developer here in Chicago, and my wife (@etesla) is a stay-at-home-mom.

I'd like to figure out how we might develop these. 

I'm  in my early 30s, and an experienced software developer currently looking for passive income opportunities, but I would like to eventually move into real estate investment full time when I get into my forties. 

I am not a fan, but that may change as I develop, or move into different neighborhoods/markets.

Possible, but you need legal advice to structure things correctly to stay out of securities law trouble (federal exemption and compliance with state regulations) AND to know how to legally make any offerings available to prospective investors.  

1.when selling a 10-year old unit in a common interest development such as condominiums,stock cooperatives, or planned developments,which form must be used?

Many new developments and USC Expansion and rejuvenation of a suppressed area are currently underway.