Will need to re-evaluate the economy, stock market, interest rates, unemployment, jobs, case shiller, consumer confidence.

Back Story: The current owner had this land in his family for bout 100-150 years.

When evaluating a syndication, always look at the projections to ensure they are conservative in nature!

I noticed in that first link that you mentioned that you were evaluating whether or not to do a JV agreement a year ago or so. 

The amount of time it will take to evaluate the deal, find people with knowledge of the area, and consider your options with the property will leave you exhausted.

Yes, I suppose the term “inspection report” is arguable if it mean buyers inspection but since the appraisal is a lender requirement, I would personally say it’s not an inspection, rather an evaluation.

There are also a few troubled subdivisions over that way, too, with lots of foreclosures and lots of renters, so I can't make a blanket endorsement; you've got to evaluate each one.  

(Without management fees it would look far better... but I’m out of state.)Is there a rule of thumb I can trot out to evaluate investments on a debt to monthly cash flow ratio.

Go have a look and hire your own inspector if you're not comfortable evaluating the condition yourself.

Hello BP,I was wondering how do you evaluate/determine your comfort level with regards to leverage.