While you can't take forever and a day, because a desirable candidate has choices, deciding too quickly can be disasterous.

You are also looking at your desired closing date and determining how much time the appraiser needs and anything else required prior to closing. 

Lack of down payment, lack of entrepreneurial personality, low tolerance for risk, looking for the magic key that fits their desires, just want to learn, sold "Castles in the sky" with a gibberish of disconnected statements that while true in a plethora of instances do not add up to truth in any one instance, fear of failure meaning not able to take a financial loss without going into poverty, never told up front how much money they will need to spend to buy the investment in addition to paying for the class.

Usually you're going to have to invest some front-end money to survey it out and work with an engineer to figure out what's possible (generally the more lots the better) based on your existing access to infrastructure, the desirability of the area, zoning rules, etc. 

Be sure that you are purchasing in a desirable location though.

While I haven't remodeled the main house, it's situated in a highly desirable neighborhood.

Midtown refers to a specific area and it's quite desirable. 1/1 MTRs would do well here IMO.

The desire to replace W2 income is a mistake many make when approaching real estate as an investment. 

@Reeti PeshawariaIf it's a desirable place to be you can STR within structure of the current rules.

If the former is your guest avatar, you really need to look at what others are doing in your area because if they include utilities with no cap and you don't, it will make your property much less desirable.