I have agents in our investor friendly real estate brokerage that can help you find investment property if you need a guide.Not worried about tornados....but gigantic solar flares...well...Ron

They provided me with a story and asked if they could move into the other, smaller unit.I explained to them that there were fleas and I needed to get them out, but that they could move into the other unit after that.Their rent was under market here, I told them if they picked up lawn care and shoveling only their driveway (not the other driveway), that I will write a lease and they need to pay a security deposit and not increase the rent (despite moving into a slightly smaller unit).

then once you had the lots you would then buy the plans as is being stated above.. need a site plan for each individual lot and you can have half a dozen flip flop garages and different looks in the front.100 lot sub in our market is a 6 to 12 million dollar deal to get it to shovel ready.

we used a shovel handle and a staple gun with tie straps to put signs up high enough not to be taken down.

Ooh, I have landlord envy-Arizona, no snow that ya gotta make sure tenants are shoveling; grass optional.

Also shovels and standing water.

From the time the shovel hits the dirt until the first check in your hand will be a lot longer with development which adds on another factor of risk (all other things being equal) Another thing to keep in mind is that buying already built can have the flexibility of renting for less but generally speaking, new multifamily HAS to rent higher in order to generate a good return. 

I feel as though I have found a buried treasure but I don’t have a shovel to dig it up.

I can't see how you'd be responsible for the city sidewalk other than shoveling snow. 

Once and if you have a "shovel ready" project approved, you need to decide if the profit is with worth the risk of improving and selling the finished lots.