I'm constantly looking at low/moderate census tracts because working for a bank, we earn CRA credit when people purchase in these areas.

If you choose well, you can pick a sponsor that has years more experience then you could ever hope to have.I'm personally invested in a fund with hundreds of NNN leases, where the sponsor has full real estate cycle experience, has low leverage (typically around 40% although temporarily they are little bit higher right now as they are digesting a big new acquisition) and is the only fund of this type that I know of that has an investment grade rating.

There are 5 tracts in Laguna Niguel with NO HOA which allows more profit and freedom.

It will take some time to digest all of this helpful info. 

Hi Ching, instead of selling and donating the proceeds it would probably be best to donate the entire tract of land as a property donation.

Fair amount of land, Non-tract, Solar, well, pool.  

Then sit back and digest for a while.  

there are many smaller citys outside of Tampa that are still increasing in value at a great rate .. it depends if your looking for fast flip $ or long term money that helps determine where the best place to invest is .. right now there us a very , very successful development in Sumter county Fl callec the villages .. now right now its hard to find property in that area that can show profits right away .. but .. i know first hand and through sources that the Villages developers are expanding at a very fast rate .. they have bought huge tracts of property and are expanding into Lake Panasoffkee, fl and Center Hill , fl .. in a few years any property in that area will go way up in value ... along with any commercial property that will go up a while lot in the next few years .. but right now there is Inverness , fl that still has not seen price increases to the before bubble burst era but is rising pretty steady ..although there are a lot of properties still priced around $50-80k with a arv of 120-160k .. there is a real need for rentals in this area and i have it on good authority that this city is looking at 2 major companies starting before 2017 bringing around 3500 goid paying jobs to the city .. they already have a pipeline going through there .. thats just a small part here in Florida .. there are many other great places that have movement like this .. i would not invest in your first option .. to much risk for to little reward ..

This gives us the time to digest our findings, confirm the current market, discuss with our Client, and come up with our longer range strategy for the unit.

Quick grap a used copy of MREA millionaire real estate agent digest it deeply.When you think you understand it read it again.