He ended up sitting down with a local commercial broker who specialized in warehouse properties.

Network with wholesalers, check public records, and use platforms like PropStream or DealMachine to find distressed properties.Be Cautious: Pay attention to permits, inspections, and local market trends—over-improving for the area could hurt your profits.Starting with a solid plan and realistic numbers will set you up for success.

Ensure compliance with local laws, start with smaller loans to gain experience, monitor your investments regularly, and trust your instincts as you navigate this venture.I myself, as a PML.

As an investor, I don't believe in ever paying retail.

Because significantly less than 100% of your investment actually goes into purchasing or improving the property, and the property is purchased at retail value (or worse), your returns will badly lag any benchmark of direct property investment.  2.

Is it best to obtain a loan from a local lender or a lender in my own state, where I will NOT be investing? 

Locals know it but OOS investors dont.And why is that.. which is the focus of the OP post..

Hello, I’m a local investor and general contractor  to St.

I am a local agent and represented myself in the transaction.

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.