I would still use a Hard Money Lender for something like this - some have a minimum but you may just have to search for a bit and find one that doesnt.

This of course pushes "comps" lower and affects the selling price lower of anybody trying to sell.

I manage tons of homes for investors and owners, and I have this conversation all the time.

Any other pros or cons to this method of investing for at least getting started? 

our market is in Columbus Ohio and we are currently doing infill as a strategy. single family home by right can be built on any infill lot in columbus but for multifamily this strategy becomes part of entitlements and rezoning. 

First and foremost you are just reading a newspaper article.

What made you interested in investing in this type of deal?

.: I am new to this and trying to gather as much  information as possible.We are mid fifties, living in a tourist area on the coast of GA.

This is a home run in my book.I've been trying for more than a year to buy an investment property in my area and couldn't find one for which the numbers made sense.

We are discussing this with Jeff Armstrong on our next show.