We've purchased a tract of land that was a portion of a completed subdivision, it is listed as a tract in the subdivision but is excluded under an agricultural covenant.

For example, I set up a syndicate to purchase a 21 + acre tract of land located in a major mixed use development with the intention of holding 3-8 years until we were one of the last sites to be developed.  

Sometimes I wonder, if this is just a "generic" 80s built tract house, would demo and new construction be cheaper?  

That said, I still prefer solid old-school custom-built construction over modern tract-shacks.

Qualified use refers to real estate held for investment.Now here's the exception - if part of that farmland is the tract of land you live on then you actually own two properties. 

I also bought quite a few 20 40 80 acre tracts and would bust them up as well.. it was pretty cool because in Oregon logging permits are a snap.. you dont need any county grading permits to bust in your logging roads so say I had a 20 acre that I was going to short plat into 4 5s we would put the road in the logical spot for each parcel future access and then put a few landings in the logical spot for the homesites all under logging permits saved THOUSANDS .. then sell off the lots..

I'm guessing most areas of Newark would fall in the "specific census tracts".

I am in the beginning stages of planning out developing a 5.5 acre tract I just purchased for building new construction duplexes and was hoping I could get some good advice.

Also, create an execl spreed sheet and update monthly to tract expenses, income, mileage etc....You could also look in BP file place to find someone else's tracking sheets.

For example you build 1 SFR, then you use the income to build a duplex, then 4 plex, then 4 duplex, next time you know it you'll be buying acres for a tract home.