These are just raw, unfinished wood doors.

Thanks for the reply Lane,I think you make a good point that I need to spend more time just crunching the raw numbers.  

It is a long game because as morbid as it seems often the farms/raw land don't develop until mom and dad pass away, so the hope is that whenever that happens you are there top of mind. 

Given your current experience, a suggestion would be to purchase an existing building rather than try to develop raw land, unless you have a good relationship with a company that has performed ground-up development and understands the process.

@Kyle Shepherd and @Damaso Bautista, Damaso is right if it is raw land or a mobile home your financing will differ from buying a SFH or duplex.  

Open every appliance - just had a comment on a different thread about former tenants who left raw chicken in the washing machine and turned off refrigerator at move-out. 

So I'm thinking about buying a raw piece of land and putting a MH on it.

.- Use vacant parcel after untie, as collateral for new loans to do other deals, use the raw asset value.

Realize I do not loan on raw land only on rehabs.

Depends on the value of the raw land verses the equity in the finished apartments.