We do have plans to add a 'park style' grill, picnic table, maybe a few fire rings to make for more sites, but still aiming to keep it simple and cheap.

if your doing a senior project I would suspect your best and most cost effective landing solution is going to be a local community bank that loves real estate.. in my experience most will want 50% down on the dirt and a ton of experience and a really strong balance sheet.Myself I always pay cash for the dirt this makes finding a lending partner much easier.

In terms of the overall real estate market for 2025, I believe it will continue to remain very strong.

In order to avoid wasting time on a bunch of individual showings with unqualified applicants, perhaps consider doing what I do and host “open house” style showing windows. 

Should I notify the current tenants in advance of each showing, or would an open house-style showing be more appropriate?

Elisha -- strongly recommend you visit the market.

Hey Stephen,I’d strongly consider doing a cash-out refinance in your situation.

I’m especially interested in spots with strong short-term rental (STR) demand, where the laws are favorable to investors.I have around $250,000 USD to put down as a deposit, and I plan to finance the rest through a mortgage.

@Jared Appel - luckily we have a very strong investor community here in Chicago and lots of options. 

So, six figures is a strong possibility given a good economy; 2024 has been a bit slower for the area, however.