You also want to think–and this is perhaps the most important piece–how will this particular laundromat fit into your life?

Also the idea that occupying a 'piece' or 'portion' of property allows for AP is flawed.

start with one piece of land for one single family or a smaller development. or get the buy box of larger developers. why would they need to partner with you when they can do it on their own or find someone more experienced?

Everything we did had a value add piece to it.

One piece of advice I often repeat is that the goal of diversification is to reduce or eliminate any single point of failure.  

The end goal is to have a piece of land with multiple houses: one for my growing family but also a home for my mother in law.My mother in law has agreed to foot the money on a new property/land up front and when ready we can buy land from her to build/develop etc. 

I can hardly believe an accountant would say such a thing unless there are pieces of the story that aren't in the post. 

- question: so NO real estate agent in this piece?

Very cool piece of real estate, unfortunately it doesn't even make sense at the $650k asking price.

Just make sure all pieces are accounted for regularly.