Each site you evaluate is another step forward and you'll learn more along the way.

I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.One thing to note when looking at the individual markets, you can make or lose money in any market.

Is there anyone they partner with here to put on US MLS, eBay, FB, all the social media sites, craigslist, land watch, land.com, etc.Who is your target buyer? 

but I suspect homesites will drive the best values.. no one wants logged over sites for building ( generally speaking)  it works here in the Northwest because of the incredible shortage of buildable land. but in other areas not so much

You can make great profits flipping houses, but you can also lose a ton if you don't do it right.That said, I encourage you to be in touch with an investor friendly agent in Indy.

More specifically can you get utilities to the site?

I lose about 10% of the people with this message up front, but that is exactly why I do it. 

I think tracking productivity will be tough unless you have someone on site that is checking their work at the end of the day and documenting their progress. 

Regular Inspections: Conduct frequent site visits to monitor progress and ensure quality standards are met.

So the property may break even or even "lose" $100-200 each month for the first year or so but that number includes the capital I'm putting aside each month for the eventual water heater, roof, or vacancy.