A perfect skillset besides real estate, contract for deeds in particular, would be a knowledge of lending laws, and of course Employee Retirement Income Security Act or 1974 (ERISA).   

Maybe you are able to learn and develop the skills needed to execute effective marketing strategies, find motivated sellers, evaluate properties and what repairs are needed and the costs, structure deals for distressed properties, make effective offers, know how to properly fill out As Is contract, build a buyers list, market property effectively to buyers if wholesaling, negotiate price with buyers, and using the right title company and getting funding to wholesale the property.

This is why you must evaluate properties not strictly off intrinsic #s like people did in low rate era.

Gut saying try to rent for a year and then re-evaluate.  

I'm seeking insights and guidance from professionals with expertise in residential development.I'm looking to understand the essential evaluation parameters for residential development opportunities and learn about efficient quick & dirty underwriting.If you have relevant experience or knowledge, please reach out.

I see some syndicators that have to do deals because of high carrying costs with lots of employees.

I would need more employees without so, I think it is worth it for sure.

@Thomas Talbert your CPA should be telling you that you need to make yourself a W-2 employee of the company and pay yourself a monthly paycheck.The payroll tax deductions will help avoid a huge end of the year tax bill.Also, too large of a tax bill will piss off the IRS and they may charge you penalties + interest for not making quarterly estimated tax payments.

While they are both businesses per se, the difference is like owning and managing the business or owning and being your own employee in that business. 

Some of which can be estimated without any fuss but some of which might require a specialized contractor to evaluate and estimate.