For example, I have bought 5-acre tracts of vacant land in an existing development for $800 (eight hundred) each - total price for all 5 acres.

Siding- Replace or power wash.I'm gonna stop here cause quite frankly thats just too many pictures to digest, I would remove all panel and install drywall and paint neutral but that me.Again research what it takes to sell a rehab in your area and incorporate those into yours.

But that $500 water heater is a different percentage of a house that rents for $500 vs a house that rents for $2,000.As an added bonus, insurance rates decrease, per value, as the price goes up.Oh yea, where I grew up, $500,000 buys you a 1200 square foot, 3/2 tract house.

Store is #2 in Mo. in Lottery Ticket Sales, Ranch House Bar & Grill that has a great food & atmosphere reputation.Growth/Expansion: With 10.5 total acres in this Tract, there are approx 8 acres available for adding rental units & new ventures of the purchaser or expansion.Seller Financing Available: YesFinancing: May provideSupport/Training: Owner will provide the Buyer up to 30 days training and introductions, and will finance with right downpayment.Reason Selling: Owners Health & a Family Death

Even if they do appreciate for a while with the overall market they will be hit hard during recessions, and last to re-appreciate due to the undesireability of the longer commute times.I think your idea of a lakefront place makes a lot of sense versus buying tract homes.  

Take the time to digest and build your own plan. 

Guys I keep learning and learning and digesting information so I can get going on my first flip.

The best way to get the most out of a meeting with a lender is to apply before you meet as lending is complicated and you will get more questions answered if you give the lender time to digest your situation before you meet them. 

It's a contract to purchase a property...not a contract for an option to purchase...an actual Co tract to purchase with a price and a closing date.

Lots of great people to assist and info for you to digest here as you look into Multi-Unit residential.