Educate the land owner on the potential profit run the numbers and go over the basic proxy and blue prints.Make sure you have a seasoned and qualified Builder/GC because they can be a deal killer with wasted time and inflated material and extended completion dates.

Now I get to sit back, relax and collect $2300/mo in rent plus about $100k instant equity because of how the market is over there.

I  took over a mature company that had an investor base that I think average age had to be 65 to 70..

@Nate LaBlancesome PMs would probably be willing to do one-time showings, screenings, and placement for a month's rent, and then turn management back over to you. 

I'm glad I said I had to talk it over with my financial advisors. :) 

I think he calls it "pre-development" & goes over subdividing, entitlements, permits, etc.  

Tons of growth coming all over town with new developments constantly, plus the weather is great 9 months out of the year!

Even with multiple units, with current interest rates and a competitive market (prices have continued to rise even with higher interest rates) think the Madison market is a stronger long term ownership strategy, where the bulk of your return will come when you sell from appreciation in rents and property value. 

I have often stated there are two ways to make money in Real Estate....The California method and the Texas method (I certainly understand there are many more ways to look at investing but I am OVER simplifying).  

I have bought and sold several properties across Chicago and Barrington area over the past seven years, and was a real estate agent for 2 years in my early twenties.