How do you get a guest estimation for an initial lot count, do you figure it of a 10% 15% or 20% land loss to environmental, road ingress/egress, then divide that by the base zone (the per lot minimum) / total available land ?

As for due diligence, the main thing is to make sure you don't have any potential environmental problems.

Do you have enough to cover down payment (probably 35%)...and closing costs (2-3 points plus underwriting fees, processing fees, escrows, environmental study and settlement costs) and 3 months reserves?

I contacted a few not for profits and they said if they desire housing for their clients they just purchase buildings themselves they dont rent them from investors.I have looked into a phase one environmental study as well. 

A fee going to a third party such as appraisal, title search, legal doc prep, environmental study, should be spelled out by the lender and expected by the borrower.  

We also are in process for a studio condo we got on there, the title stuff especially using their title company requires a bit of work, even if it is the best in the area, since title is the holy grail, we're just keeping that line of communication open good relations with the title company, we have some time before the EMD to make sure the title insurance will have coverage for liens on that liens exceptions list from auction.com"Most liens are removed after a foreclosure property sale, but certain liens may remain.Here are some examples:Any lien recorded on title prior in time to the foreclosing mortgage.First Mortgage (if the foreclosing mortgage is a second or third mortgage)HOA or COA assessment liens (in certain states)Mechanic’s Liens (in some states)Government liens such as state and federal tax liens, city or county liens, US Government liens.IRS liens (IRS may buy the property within 120 days after sale at the price paid at foreclosure sale)Code Enforcement Liens, Environmental Liens, and Utility LiensChild Support Liens"There are a few folks that have gone through them time and time again.

Gillette is great place for rentals but the coal business has dropped off due to the new stringent environmental rules the current administration has imposed. 

From the website:With myFICO Property Reports, you get access to the same “insider” information that real-estate professionals see, including:• Physical characteristics, sales history and mortgage information• Comparable recent home sales in the same area• Neighborhood demographics, information on local schools, crime information and statistics, natural and environmental hazard reports … and more!

Here in California we have some of the strictest environmental standards in the country, high cost of permits, and fees for everything imaginable.

Unless the property has been fully rehabed, I'll bet dollars to doughnuts that you will have environmental issues with asbestos being used 50+ years ago.