Validate zoning, potential special or use variance, future zoning map, neighboring zoning.  

After this first project, I'll have a better vision for the future.

You can use this tool to estimate future property taxes: https://treas-secure.state.mi.us/ptestimator/ptestimator.asp

Ensure the property appraises at its updated post-renovation value to maximize the equity you can pull out.A refinance isn’t a taxable event, but transferring ownership to your LLC may affect depreciation or future capital gains.

And investing in cheap homes is absolutely fool's gold. 

This is something I will have to keep in mind for myself in the future.

Thats like knowing where a gold mine is located and selling maps to go find it.

Are people holding on to their money or are they feeling good about the future?  

Is their current portfolio distressed, or was the majority of their current portfolio purchased at the peak of the market, indicating that they might be in distress in the near future. 

Land that you're not personally developing most of the time falls into two categories - either you're speculating that development is coming that way, and will increase the demand for the land, or you're changing the current permissible use of the land in such a way that it will be worth more money now or in the future.