The only thing I would add is that if I could do it over I would focus on standing out without an enormous furnishings expense.

Maybe a better way to frame the question was related to if my operating structure with the land trust and property mgmt LLC on if that has any impact on my material participation?

There's a notable article in the Telegram and Gazette about the spike in demand at food pantries, "Food assistance: Demand at food pantries spikes as rents increase and wages do not".
It's safe to say that the majori...

Downtown Madison (35758) will always have enormous demand, but the area doesn't cash flow. 

So, if you're ever buying a location, see when the last rate increase was, to determine if there might be an impact to your occupancy levels.  

You can cost seg the property against your W2 income and make a pretty significant impact. 

It will impact your life more than any amount of rent you can collect.

Meaning if you expect the new water heater to last 8 years and it cost $1,200 to purchase and install then it cost you $12.50 per month on average and that's the number you should use when calculating monthly cash flow.Being hit with a lot of capex early on when you own a rental can have an impact on your reserves for sure, but the nice thing is once they're done you should have X years before the same expense comes up again.

I would then want to know if there are any access easements to the rail line or restrictive covenants on the property which would negatively impact my ability to develop the land.Lastly, my concern would be environmental.

In the industry this is most commonly known as a "Fix and Flip" Loan.We are correspondents with dozens of lenders who offer this type of loan.Most commonly, the loan will cap out at 75% of the ARV (But Investors do need cash, this is not a 100% financed transaction)75% has to include the purchase price and the rahab amount requested.The terms can vary greatly.The two most important areas that will impact the terms the most is 1.