We've looked at investing in OKC in the past and currently have a couple of developments in Birmingham that we are selling.

They seem to be in development and backordered for years. 

Don't forget you need the original developer's permission to conduct structural changes to the villa inside and out.

Here are a few high level thoughts for you as a beginner:-Don't lend in second position-Don't do deals with new investors-Don't experiment with new strategies, even with experiences investors- ie, don't jump in to a first development project with someone just because they've flipped 20 houses. 

For example: Treasury may want to incentivize Freddie to refocus on regional, small lending products to reinvigorate smaller homebuilders/developers.

we are setting up two OZ funds and would love to talk about what you've found. one is for land development and is more active the other is passive real estate ownership of extended stay. all are ground up. 

One of the developers I work close with is getting ready to build 4 spec houses.

I work with several real estate developers across the country and they all do it differently.My suggestion is to find a property type and an area/neighborhood/city/market that you are drawn to and plot your course from there.As for the amount of money you'll need, it's gonna be mostly driven off the purchase price of the property.

Well, on that note, I gotta go wash my hair, or something..... 

I'd build up and go for at least 2 units but 3 stories is better. 3 story walk up apartments account for almost 65% of apartment developments round he country. this is what I'd recommend on your lot. this is 35' tall and we do it in columbus oh