It sounds like Waukegan, as a city, has big development plans for the next 10 years.

My uncle was a developer/sold real estate in Detroit for 50 years.

I am not an expert of the area (I focus on Miami and Broward County), but I have been monitoring since 2021 because some friends bought there multiple properties and lands.Two years ago, because of post pandemic, many developers (including Lennar & the other usual building in FL) started building a lot, prices went up up up and since last year, market stalled and now they are coming down again. 

Land development has always interested me.

Or develop some sort of subject matter expertise.

I would also start looking to develop some key relationships.

You can get that experience by working for a commercial real estate developer / owner / operator

The definition of a “trade or business” comes from common law, where the concepts have been developed and refined by the courts over time.

I'm about to embark on my first commercial real estate development project.I plan to buy a ~1acre property in Georgia to construct a 20,000sqft building with the following breakdown:8,000sqft retail space7,000sqft warehouse space5,000sqft office spaceI'll be using some of the office space and warehouse space for myself.

I live in miami happy to give some advice I'm in real estate development, land development, ground up construction, and brokerage