So are you saying we should go with an LTR first and develop some knowledge/experience before getting into STR's?

My vision is to subdivide and develop the lot.

I've developed some great relationships and also a business partner from these meetings.

The list may be on Michigan state Housing Development Authority website.

BUT, I am confident that while the above covers MOST situations, in a country of 300 million + people there are locations where a 12% ROI exists for a car lot - though you may be giving up the “windfall” of a developer wanting and willing to pay a premium for your lot.  

Social media marketing: Develop an Instagram strategy to showcase your property.

I purchased the property after reading Brandon Turner's Rental Property Investing, and with what I learned, planned to purchase 1 property per year for 7 years to develop a solid stream of passive income.

This gives people little reason to choose older existing homes over new developments.

- Local Development improving the area?

Most times things don't go to plan in one way or another.You need to develop your project management skills because that is how you eat a loss on one area and manage the project to success.