On the land side, zoning, highest-and-best-use analysis, and exit strategies are key to maximizing returns.

Quote from @Richard Schubert: Closed and now have the keys in my hand.

In a world of constant inflation, maintaining your lifestyle over time requires an income that meets four key criteria:Rent Growth Must Outpace InflationIf a basket of goods costs $100 today, in ten years, with 5% annual inflation, that basket will cost $162.

From a financial standpoint, the key is to ensure you're purchasing properties at a price low enough to make rehab costs and refinance achievable.

Key conservatorship issues to considerAny plan to exit Fannie and Freddie’s conservatorship should promote market liquidity, and thus, access to mortgage credit.

I totally agree—choosing the right location and finding value-add opportunities are key.

Investing in yourself is a key. 

You should be able to find local builders that will finance the construction component of your new build, however! 

Quote from @Hanna Brown: @Jay Hinrichs If the bidder at the auction pays cash for keys to get the homeowner out, does the person redeeming from the owner position (exercising rights of redemption w/in 180 days) have to reimburse them for those costs they paid to get the homeowner out? 

It is standard practice and component level depreciation is encouraged by the IRS.Though it is very important to track you time as you go along.