So I have a friend who has taken some serious steps to develop a subdivision: 100+ home sites and a few commercial properties on about 50 acres.

This complicates the valuation regardless if via comps as you indicated or via noi and cap rates.  

It would feed out to all the other sites that prospective tenants will be using but you should get enough traffic from just using Zillow Group and maybe FB Marketplace.I tell all my clients that it's not worth it in the current market to bother with the MLS. 

Utilities, site upgrades, engineering?

I'll have more of an idea on that early next week, meeting potential builders on site this weekend.

You can download it again if you've lost track of it.Lease extensions do not have to be complicated.

It shouldn't be too complicated.

Don't make it more complicated than it has to be.

It isn’t anything complicated.

From the lenders point of view, they want to see that you have "skin in the game" that way if you do run into any complications, you'd be more motivated to address them as you are invested financially in the project yourself.Regarding the tenants, I'm a bit less experienced in that regard.