Learn a lot, have plain goals for your investments, spread your bets, ask experts for help, and get tips from the BiggerPockets group.

What made my investor interested in this project was the area plain and simple.

Buildings$Phase 1 2 acresOffice$30,000if needed, plain storage unit 20x30; $25,000 insulated.Office setup$5,000if needed, $5,000- computers, printers, HVAC, frig, cabinets, etcFootingsif needed. ??????

Those waiting on or anticipating a 20%,30%+ REDUCTION in home prices are in a fantasy world, plain and simple.

I am sick to my stomach because I know better but my hope over powered me.

What they said^^^^No obtaining a permit for a structure that will be a habitable dwelling is just plain stupid... sorry - nothing personal.

You need a team of:General contractor, property inspector, trustworthy lender (they will have appraisers, and title company), property manager (make sure is large enough that if the person that manages it gets sick someone else will cover), insurance agent, and a real estate attorney in case you need a consultation, and most importantly an accountant with a lot of real estate  experience (this will be a major ally as you grow your business)Line up your team even before you look for the property.Go to networking events.

They bought this with unclear goal and was just plainly seeing this as a future investment for us.  

No guru stuff - just plain old effort. 1.

After using a couple of deal analysis tools, I feel sick to my stomach that this may be a big mistake.