My motivation to sell was because I figured I had just purchased an investment in a bad area, and I was essentially doomed to make a profit/even break-even on it.

I’m looking to do a few spec home builds a year, I’ll take those profits and build multi family properties for long term investments.

The goal is to refinance with equity after a year and then use the FHA to house hack again. makes sense. most of the profit is going to come from equity.

If you can get gross development value then you can figure what the most you can pay to make the site pad ready, do vertical and still make a profit.

If you have never done this as a full time business I will throw caution to the wind it is not as easy or as profitable as online forums make it out to be, and if you need money for living this probably is not going to sustain your lifestyle for the first several years. 

I've looked at the fastest growing areas in other states and while I think you can profit from real estate everywhere, perhaps with a different strategy, investing in the fastest growing areas in the state seems to me to give an edge or a push in the right direction.David KrulacBigger Pockets Podcast #82

Title co reports to IRS, and you probably going to hit a snag when all your basis is $0 on every deal and every deal you do has big profits. 

.: No longer a rule, just a ghost in the past, A relic of days when profits were vast.

When the properties are paid off, you’ll probably have a healthy profit.

Also, new builds are not currently in our strategy (delayed profit realization).