The best thing an out of town investor can do is develop strong relationships with locals who are active and knowledgeable in the real estate investment world in STL.

I am currently pursuing a Master's in Real Estate Development and Investments and have an opportunity to study in paris for a few months.During this time, I am to focus on the office market and investment strategies.

With lots of major companies developing here like Intel, Amazon, Google, FB, Honda, etc., the population and number of jobs are growing - great macroeconomics overall!

You kind of learn from connections from other developers and builders.

I am a developer of multi tenant flex industrial properties in DFW.

Look for areas with planned infrastructure improvements or new business development—these are signs of future growth.4.

But per lot it will cost roughly the following:$1,500 Electrical poles, meter installation $2,000 water taps and connections$5,000 grading and land prep$8,000 septic installation (assuming a 1:1 ratio of homes to 1000 gallon septics)$5,000 down payment on each home ($700-750 / thereafter per unit)$21,500 total set up x 17 = $365,000Ongoing expenses after development would look something this for POH model: $12,750 a month in mobile home mortgages (17 x 750 for PITI on each unit) $1,900 a month in land mortgage PITI (house) $3,000 a month landscaping$2,000 a month in reserve emergency fund$2,200 management$21,850 a month total expenses $262,200‬/yearOngoing incomes after development would look something this for POH model:$27,000/month ($1500 x 18 {17 mobile homes plus house})$324,000/year324k-262,2k = 61,800 net pre-tax profit or $5,150/month.Opportunities to reduce start up expenses: Bulk deals with the government or contractors for doing all the work at once (electrical, water, land grading, septic) Trade free rent for someone to mow and landscape (turning a $3k event into a $650 event every month).

Besides the long investment cycle, you have to know a lot about zoning, development, local politics, irrigation, farming, subsoil conditions, easements, utilities, development costs etc  Don't fall for the idea that just because you bought it at an auction means you've got a deal.The "easiest" land game to get into is to buy buildable infill lots

The primary problem is that building a single small unit is near highest development cost.  

That's why I've developed "self-service" property management to simplify my rental management...to make it so easy my kids can take over (and won't sell everything when I die)!