What you spent on the land/lots can go towards your down payment and, if you've owned the land for more than 6 months, you can use the value of the property toward the cash injection requirement.

You are not even scooping your initial investment so your cash on cash return is negative.

BTW, there is a lot of angry homeowners receiving lots of calls from investors to buy their homes cash... 

I have done a handful of flips using cash, partnering with friends, and making it work. 

Purchase price: $90,000 Cash invested: $15,000 What made you interested in investing in this type of deal?

So back to being a real estate investor: the only way to be one is to buy a property and create value out of it, whether through finding a below market value house and selling for a profit, or renting and creating cash flow.  

We have a property management company in New Jersey where we make some of our best clients hundreds of thousands of dollars between helping them force appreciation, increase cash flow, finding them deals etc.

Just focus on running the numbers carefully to ensure the property cash flows or at least covers expenses, and don’t hesitate to lean on resources here for advice.If you’re financing, look into FHA loans, as they’re great for first-time buyers purchasing up to 4-unit properties with low down payments.

Condo's usually have high HOA dues which will eat into your cash flow.

Are there going to be banks involved, creative seller financing or all cash?