I wouldn't buy it unless I had some other properties / infrastructure in place.  

Make sure that your travel records are in good shape.You will make a major mistake if you wait until after the initial interview to learn the rules.The hours you spend as an investor reading reports and otherwise monitoring operations does not count for material participation purposes UNLESS you are directly involved in day-to-day management or operations.The IRS has learned that taxpayers seldom study the rules until after the initial interview, meaning that poorly informed taxpayers admit much in the first interview and then pathetically try to change their stories after they learn the rules (this is usually too little, too late).Goal here is to educate you, not overwhelm you.

You would typically see new developments in more rural area with 200+ lots where there are higher margins and all the extra civil engineering work / infrastructure is worth it.I would probably try to find a smaller builder.

It's led me to discover home monitoring systems like Eyedro (for electricity) and Flo (for water), where apparently you can track usage and figure out the consumption for a separate unit like a mother-in-law suite.

That original phase now called Wildwood ridge  had infrastructure already done.

Any major infrastructure improvement required?

@Chris Gladstone , I do use Mint as a monitoring app rather than budgeting app. 

So, even if your properties take little damage, the infrastructure is wrecked for many months.

You can dispatch someone pretty easily and then you can monitor the scope of work being done.

It may be some time to get all the parts in place.In the meantime, you should continue to monitor your holding and rebalance or adjust investments as appropriate.