Just on its face it seems too skinny for my taste .

Some seasonal weather sealant is still needed for some people's tastes....the windows are old. 

Thank you for your comments.The reason I mentioned "I would like each of us deal with owner of the land" is that each party may have his own vision, taste and build quality in mind that may be different from the other party.

Or you discover they moved in their brother, his drug-addicted girlfriend, two kids, and a couple bulldogs with a taste for wood trim.

It's a fix and flip in a nice suburban area and to get top dollar for it it would require thoughtful and tasteful renovations.

If they patched and painted to where it's presetable, yet not up to your taste, how do you charge for this?

It definitely left a bad taste in my mouth for short sales, but your story reminds me that where there's a will, there's a way. 

The estate has plenty of room for amenities including a game room, bar, office, gym, media room, wine cellar and tasting room.

For my taste, land purchasing is NOT investment, per se, but rather it is speculation. 

It will give you a taste of the business and better help you to manage your PM in the future.