The problems with texting is people expect immediacy.

If you are doing this part-time, set your expectations correctly.

I would also expect to start to see some significant price reductions on land, especially those parcels which are not buildable or have no utilities on them. 

Not trying to pick a fight here, but these forums are quite impressionable on new or inexperienced real estate investors and don't want those who read these forums for educational purposes to believe they should expect or accept 1/3 deposits as the norm. 

I did not expect this thread to get this juicy. 

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

I always tell people that when I got started in the industry, I expected future-me to always look back on the amazing deals I was able to close.

Had I set better expectations from the beginning maybe my experience wouldn't have been as bad. 

The longer it takes the bank to underwrite the loan, the more likely the loan request will be rejected or at best expect to receive less favorable terms.

How much cash flow are you expecting?