That may be quite a bit more than you get at the day job :) Not everyone is an econ though and some people value that time more than raw wage . . . just a thought. 

This is the RAW legal language of Title 24, sub B parts 1-100 - - not the light bedtime reading.The issue is WHAT NOT TO DO, and there are summaries in the File area->Presentations; browse Fair Housing*  FHR linkBE AWARE, the summaries are at a point-in-time and the regs are always a moving target, but these snapshots will get you started in the right direction.

At this point I've got my eye on some inexpensive raw land that is tax forfeited.

The episodes are uncut, raw, short and straight to the point.

Does that equal your selling price of raw land?

I have come across a potential investment with a legal basement 1 bedroom apartment, these are fairly common in the area and I'm not a big fan since every 5 years or so there seems to be some type of water event and I can't think of a crappier situation then a tenant's unit knee high in raw sewage or water.

I'm starting with just a raw numbers run before considering the neighborhood (which is at least a B), etc

We are looking at raw land, condo's, and/or farming land. 

Taking a project from raw land to vertical structures usually requires a team of professionals, since not really anyone is a master of all the different skills needed.

I work with a lot of developers of raw land and as a general rule I find it is an incredibly risky asset that requires a lot of expertise, patience and (often) intestinal fortitude.