Some places like Illinois for example require individuals to be licensed with the state in order to wholesale more than 1 deal per year. 

If I were to go this route I would clearly identify each of these risks individually, understand how the Govt would potentially challenge each of them and then assess in your particular fact pattern how you would effectively rebut a challenge to each. 

•Which unit size would rent faster and have higher demand in this area?

There are also multiple universities that drive rental demand.

However, it does demand solid digital marketing expertise to see positive results.

If not, you can always increase the rent to market value, but my guess is it being California, there are limits to rent increases.There are rent caps but they do not apply to single family homes owned by individuals (not LLCs or Corps) 

I would assume that you'd just simply sell each individual lot to the developer at a set lot price such that your cost to purchase the raw land and improve it to buildable lots was worth the proposed profit per lot.  

Activities prior to launch, but after you have purchased the property, also count.2) I'd recommend reaching out to the other individuals that work on the property and ask them for an email or time log of their hours on your property.

The city is experiencing rapid growth, leading to a high demand for housing and employment opportunities.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.