Get them out and start with leases and only rent to people that you have screened. 

Starting is the scariest part.

And have you thought about building back utilities?

Start with one close to home where you can learn and build a team.

Once you start processing the credit/criminal, the money is spent, and you can't get it back.

Quote from @Brian Burke: @Chris Seveney when I started my lending company with two partners our aim was to go from $0 to $2.5M per month. 

Small (1700 sqft or less) medium (1701 -1999 sqft) and large (2000 sqft or more)Cost benefit analysis Estimates IF 300+ homes are built over 10 yearsAlot of technical information to say that:- When I start development, i will be going into uncharted territory. - New construction will be comped against other new construction - Start out with enough comps to justify the price point- keep the area tight to consolidate the risk vs building one or two in different parts of the same neighborhood. 

Right now my focus is going to be on the fix and flips to start generating some income. 

Rates are going to start to fall in or aroud May/June of this year so by the time you have purchase the nest home you can do a "Rate & Term" refiance and lower the rate on the first home. 

If you have every lived or have family you are visiting anywhere in the Midwest, that's where I would start.