Just make sure you have a great person that is trustworthy, transparent and knowledgable on the ground. it can be a realtor, contractor, another investor, etc.....but that is the key piece and the value that i bring here

The latter is merely an undeveloped piece of land in a residential neighborhood.

I happened to start learning about private equity funds, stakeholder capitalism, and the housing crisis last week and also started getting more active on the BP forums.I posted about struggling with finding investors for syndication and got some good comments about why this is the case for many syndicators right now.One comment referred to something about FEMA flood insurance rate maps and that rang a bell in my head about a random old piece of land I got a few years ago when I was heavily into tax deed auctions in Florida.

Buy a vacant piece of land close by and offer to store his stuff for free until the house sells. 

The lender we have is saying it's impossible to lend on the home if a piece of the structure itself encroaches on the neighbors lot, even if there is an easement in place. 

But there's a crucial piece needed to be successful... know the numbers and have multiple exits...

Piece of mind is a lot more valuable than a piece of property. 

I'm working on projects in florida and ohio. entitled or unentitled is a big difference. we typically look for land in larger tracts in columbus ohio for under 50k per acre. that's mostly rural land that is then entitled through engineering and zoning variances, a huge money maker if you don't do it. entitled land depends on density. lowest I've seen is typically 6 dwelling units per acre and highest I've seen in suburban markets might be 26. i think there is a lot of missing things to answer your questions like how big of projects, but I can give you a very recent lot we featured for investors who build a stacked triplex with us around Orlando and other markets in florida. it was a 43k piece of land on about .3 acres. through planned development you can get a duplex approved it was in poinciana in Osceola county. that's on the small side and it's hard to find land and it wouldn't really increase in value there but that's about 5k or less in fees to get that done. so all in 50k for a 2-3 unit. so 25k a door would be a good price to look at. normally as you buy at scale it gets much cheaper because you are doing all the value and creating something from rural land or wetlands, etc. entitled land typically sells for 11k-13k per door I would say on average in suburban markets on a national average. that is extremely difficult to track but we work with groups in land entitlement all over the country who co -develop with us and we create benchmarks that's more of an internal conservative and we push high density and multifamily to maximize profits on the exit once the project is entitled. 

Given the unevenness of my floor though I tried to put pieces in the same place.  

I'm sure you'll be able to piece together a solid set of risks to manage.