I am adaptable and driven to learn, I always aim for Andromeda (I.e. sidewalk labs withdrawal from the waterfront plan got me thinking there would be a great opportunity for me)I’ve bought two personal residences in my time, selling one for a profit in the peak of 2017. 

What are set backs, what is required as far as curb, gutter sidewalk, utilities (do utility lines need to go underground?)

Your tenants will be complaining about the parking lot not being plowed. and the local building department will fine you for not shoveling the sidewalks in a timely manner.

A developer buys a property for X amount of dollars, and has to put in all the infrastructure to support the project (underground utilities, roads, curb, gutter, sidewalk, drainage, deal with any environmental concerns, soil stabilization issues, earthquake requirements, cost of a neighborhood park, contribute to a nearby traffic signal, etc. and many unforeseen things) ALL of these things add costs to a development.

The inspection covers lots of the things you are concerned about: GFCI, circuit breaker panel and not fuses, smoke and CO alarms, sidewalk condition, no roof leaks, no cracked glass in windows, third party heater certification (document provided by HVAC pro), railings to applicable code (grandfathering is OK if code from date of construction was actually met), plumbing operation, grounding of water meter and any other grounding, no reversed wiring in wall receptacles, fire rated drywall where required, third party electrical inspection of any new electric work, etc.Get the full list of what is needed to be compliant up front; if inspections don't pass at first re-inspection, I get to pay for any additional re-inspections in order to get that Certificate if Occupancy.

If you have runoff onto side walks or such, it can stain the pavement orangish red, so be careful.I am not a landscaper, but this has worked well for me.

Nothing like a good neighborhood sidewalk superintendent.

He's the kind of guy who will let homeless people sleep on the sidewalk, then ban plastic straws based on some viral YouTube video.

What are the setbacks on the lot for sidewalks, landscaping, garage, etc.? 

The City would not let you do any of these things twenty years ago and now its Wild West for the builders with no, none, nada improvements in the street for sewage, sidewalks with curbing and especially parking and storm drainage.