Hi,I am someone who got lucky a few years ago with a real estate investment my wife encouraged me to go for.  

The only way I KNEW it was a good deal is I had been researching two areas for about a year. 

I've been researching and learning for several years.

Me and a few folks I met at a mastermind group all went in on a joint account a few years back so we could save money. 

@Clark Harbaugh, Given the favorable tax rulings over the last few years (in particular revolving around trusts and their equaling a beneficial interest in the underlining propery) the IRS has actually been much more lenient (or at least silent) on these issues. 

Get estimates on repairs and integrate that data into your underwriting, if you know it may need a roof is 2 years.

Which would be to borrow the money to fund 1-3 residential flips, in order to pay back the loan and then have more capital to then actually build on the land starting early spring of next year. 

Grandpa and Grandma take five acres on the back forty and punch in a well and sewer (when it was cheap to do so), run some water and sewer lines with the old backhoe. 

It pays to know when to just hire an independent financial advisor and do what you do best.In my 45 years as an active investor across real estate, businesses, commodities, and almost everything else I’ve developed a few “rules” that I believe should never be violated 1.

(Which you could also then do with your new purchase in 2 years.