If there's no record of anything ever being put on that piece of land, it means you'll have to add infrastructure to it which can be costly. 

I am looking to start small either in commercial or residential (if the numbers make sense).I can handle all of the necessary research/comps, underwriting, and generally making sure the deal makes sense, but looking for some guidance on raising the equity piece of the capital stack. 

It all depends on how robust it needs to be, but you probably can't beat the price for this one—just over $2,000 with sidewalls https://gettent.com/20-x-40-presto-series-pole-canopy-1-piec...

There is a large piece that you didnt mention, the actual cost of the development.

I requested copies of the income taxes for them both and it looks like this could be a pretty good deal but I'm not sure how much he spends on materials to keep them running as that was not included in his "financial report" (which was a piece of paper with number written for utilities).

One piece of advice I would recommend if you want to go FHA is getting to understand the self sufficiency test for 3 and 4 unit buildings. https://www.newcastle.loans/mortgage-guide/fha-self-sufficie... 

I can help a lot I do this in Columbus Ohio and Miami Florida but as a service for now not purchasing them. if you are going to do larger deals look for the largest gap in entitlements, density, and asset value as a land driver. for example we found a piece of land in Columbus Ohio that was 55k and we just got an appraisal for 1 million based on the rezoning application that we did for mixed use commercial.

Wear a mask and goggles and carefully remove the ceiling and double bag the pieces. 

I got into it initially to eliminate having to integrate my bank with Quickbooks but rather have both of those pieces together in one place.

I'm more wondering what people are paying per piece for post cards vs. envelopes.