Begin your 'pre qualification' process for the acquisition now (most commercial lenders won't issue a PreQual but rather a LOI) In general, Commercial transactions can take longer due to extended due diligence, appraisal, environmental reports and financing (60+ days) so you'll want to initiate your search during the marketing of the down leg as it can cause a tighter timeline than a residential transaction. 

In the world of development you have money at risk to complete these and other reports, legal, zoning, permitting, environmentals, etc before you go hard on your deposit with a seller.

Hello, My name is Homer Wanamaker with Bay Hill Environmental.

I believe a subsequent bill allows more than 150’ even when setbacks are not satisfied if the footprint is not enlarged (such as adding a second story).There are a lot of ADU laws.  

There are still corner cases that won't be covered, such as environmental.

You need to have enough money, probably in the $100-150k, amount to put the property under contract, and do the feasibility study on the property, Phase 1 Environmental, Property Drawings for roads, water sewer, and utilities, and have a completed budget so you know what your costs are.At that point you can go out and attract investors, I don't thing that developing raw land is necessarily cheaper than buying discounted finished lots. 

Retail footprint has trimmed because of Amazon, yes, that's contributing for sure.

The other 75% of the skills required to be a good developer will have to be learned elsewhere (a good mentor is the best way).These include everything from Zoning/Subdivision/Land Issues to Environmental Issues to Permitting Nuances to Design Issues, plus all the differences in financial analysis.

He will tell you, INTER ALIA, that you want inspection, financing, attorney review, title review, insurance, environmental, and survey review.Second, get a GOOD home inspector lined up.Third, get your banker lined up.THEN you can start looking.Also, keep in mind that backing out of a contract must relate to the contingency being used, and can only be triggered AFTER a good faith effort comply with/fulfill the contingency.

They are zoning and land use regulations, accessibility, environmental factors, market analysis, topography and terrain, utilities and services, neighbourhood characteristics, restrictions and opportunities, development feasibility, financial analysis etcetera.