-NationsIt makes little to no economic sense to do a renovation in this neighborhood.

From macro economic perspective, These cycle can only be executed when Fed is increasing money supply.Syndication is like the wolf eating a wolf game, it's just at what one position during cycle that would determine you make it big money or you may commit suicide ( there's GP that's already committed suicide) just saying how serious it is ...My fist commercial mortgage was a 10 year.

I was conflicted on DR's adamant position against leveraged debt, however, having a degree in finance and economics I believed I had well balanced approach.

I've never even been to Texas and I can seen the appreciation and economic growth - might need to take a trip there  The Texas property tax sales comment is specific to Texas.  

The fact that 8 acres were developed and 200 were left as farm is a clue there is some issue.Another first step would be to determine the possible economics of the development.

I think he ended up spending 30-40k for the fire suppression system, windows, and whatever else the city required... and I'm not even sure this is possible anymore, since I think Union City's program is not going on anymore, and, in general, they require showing off-street parking.I'm uncertain if the economics will make sense for you, although I'm not sure what JC may require or how your basement looks now.

If you study the economics of this industry, you'll see that it's very much like a sports team.  1% makes most of the money, then a small 2nd tier of agents do some transactions and a majority of the rest do nothing. 

Period.Likewise with flipping houses -- I've flipped a lot of houses, and it's safe to say that if, with the knowledge you can get for free, it's tough to lose more than $10K in many parts of the country (barring some macro-economic event).

And economically, they aren't wrong, that would be the highest and best economic outcome from a valuation perspective.

Quote from @Mary Jo Carruthers: Its really simple economics.