if it becomes a top contender- come on up and check it out.

I know for single family finished lot cost is 20-25% of total sale in my area.  15% for raw land if there are no major issues or costs to contend with.No rezoning required but the subdivision would still need to be approved.The units would be $175k-$225k probably averaging around $190k-$200k.

I would contend it would be difficult not to learn a great deal by listening actively to the BP podcasts. 

And you'll have costs of sale to contend with as well as ongoing expenses like taxes, insurance, etc.  

LOLNow, some have said a net listing can be done in CA, with additional disclosures, but they still have to contend with restrictions as a Special Agent in self dealing......so it appears....LOLAnd here, all along, most thought James Bond was the only Special Agent!  

We have far more environmental regulations that we have to contend with, along with a lack of available supply of land.  

That losing money is with it occupied, so even if you somehow avoid disasters - you would have vacancies to contend with.Would the family member managing the property be interested in buying it?

Make sure you start with some strong contenders.

@Bryan Noth Id contend it is not nearly as hard to prove discrimination, or the intent of discrimination as people think it is. 

Property values have skyrocketed, taxes are high, and there are HOAs to contend with.