@Nick BurrellYour mentor can't be more correct. 

I am not a featured agent and Im closing bulk of my business from BP without doing a heck of a lot, I am just maintaining what I started.  

Southern border of the land is Wilson Creek (a large, well established, full time creek with old growth trees)Approx 1 acre of non-recoverable flood zone along length of creekTwo small ponds on the property, which can be filled in to utilizeSmall neighborhood to East of property line with utilities ready and available for project Currently a couple of older homes and barn structures on property (100% liveable and well maintained)Wilmeth Rd is currently expanding down the block to a 4 lane road which connects to Highway 75 in McKinneyLarge developments are underway within a 1/2 mile to 3 miles out radius<4 miles to Costco, ChickFilA, WholeFoods, Cinemark, major hospitalAT&T Fiber and Atmos Gas at front of propertyA water well can be run, if desired, or tap into the city's water (currently on city water and has large main at front of property)A CE firm has drawn up plans for a small, 12 home, 3/4 acres development.

When used correctly a zombie property can be purchased for pennies on the dollar and then the hidden equity can be released via a quiet title action.

Correct @Jake Andronico and @Bill B.. 

(so that substantial acquisition debt can be used while maintaining positive cash flow). 

You maintain the future equity and let him take the frustration of dealing with guests.

Is this a correct understanding of the major steps?

Maintained and cleared land for usage.

This year alone our team corrected at least a dozen new client returns which were incorrectly treated in the PY.