You take a risk that if things really belly-up you will lose your house.

I remember when the Target and Walmart plazas at 434 and 436 were an Orange Juice and boat factory with rail cars in and out all day.

Whatever criteria you have for a great site is all good, we just want to get some creative juices flowing and see what is working around the country. 

Yes, it can be risky, but if you use it right, you can really juice your returns.

If you could separate the lots so the old home was one one, and then juice it to match two new ones on either side then you've go next to 0 in lot cost on two new constructions.If you do decide to develop part - do not at any cost, sell the house before all entitlements are in place. 

That being said the process of trying to convert it zoning wise made the juice not worth the squeeze.

I'll provide some entertaining reading of how I got started: I lost my house in the recession in FL, I was in michigan thinking I would rent for the rest of my life and I was fine with that, mom "pressured" me to use her $50K loan (part of her retirement) to buy a house (no intentions to invest, just a house to live in) initially I didn't want to risk her money but after some thought I accepted her offer in 2012, after months of many losing bids of foreclosures I finally won not 1 but 2 at the same time, so my realtor brother said not to let go the other one so he lent me $20K, after the rehabbing, contractors, being scammed sometimes and feeling like the life was sucked out of me (and by miracle didn't get fired from my job) I finished both so I had to put one for rent, swore never to do this again but 2 years later was looking thru zillow and homepath and the adrenaline juices started flowing again, took out a home equity loan and bought 2 more, repeat same pattern, life sucked out of me, again I don't know how I didn't get fired, but afterwards I was just tired and not disillusioned with real estate like the first time; and then bought the last one where I live 2 years ago, sorry to make it long lol.Thank you @Jessie Niu, I'm trying to see which of the methods you mentioned will take me the furthest.

I am also glad that I sent him a pay or quit notice which put a little fire under his belly to respond and let me know that he has vacated the property. 

Many more factors go into this equation, but the point is it just depends on the deal and whatI need to see in that deal for it to make sense, and how much heavy lifting will be required, is the juice worth the squeeze :)

Renatus or something similar rings a bell. I