I’m diving into the world of tract home development and looking to learn more about the financial analysis process for unimproved land.

My dilemma is that one of my properties is worth about $400K and I owe ($40k on a HELOC & $50K on the mortgage) and I'm on tract to pay them both off in 16 months- paying ($2000 from the renter and me paying $4000 a month on the HELOC= $6000 per month total) I plan on doing this until both loans are paid.

You have to know, I only started serious learning about real estates this year so there is an abundance of information to digest.

Also this property has a small 8 acre tract cut out of it with residential homes on it.So my question, what is my first step to get this property looked at to see its potential.

It will be a constant grind of content creation, and continuing to learn and regurgitate your learnings into digestible content.  

These three reasons are a lot to digest at first because this loan is a paradigm shift for most Americans. 

As a lawyer, my inclination to read and digest the contract of sale brought a number of questions to light that I wanted to clarify before proceeding with the deal.

.- the lot is very close to the city limits and might be included within the next few years- the rights were from a larger 40 acre tract that were from a larger 80 acre tract that were from a larger....Nevertheless, I am curious if anyone has recommendations on how to research this?

Here's an interactive version of the map, where you can zoom in and see more information such as population and population per acre: https://www.datawrapper.de/_/jDwi4/It tracks the change in population density (population/acre) for each neighborhood (census tract) in the Phoenix MSA from 2010-2020.

Did you include language that If you digest they need to refinance and cash you out?