I will definitely weigh things regarding the environmental risks and the insurance costs.

Based on the statutes, the legislative history, and the case law, the following 7 essential elements will help guide you when working with your lawyer and administrator. 1.Third Party Administrator (TPA) – I use Trust-CFO as my firms third party administrator for my CA clients with PRPs. 2.Qualified diagnosis by the TPA to determine if you even qualify3.Asset exemption analysis by the TPA to determine which of your assets are eligible for exemption4.Funding analysis based on income, age, and retirement needs5.Plan documentation and funding of plan – this is a critical step often overlooked or not done correctly.

What would you recommend as the most cost-effective approach to obtaining all the necessary elements for a building permit?

I would then want to know if there are any access easements to the rail line or restrictive covenants on the property which would negatively impact my ability to develop the land.Lastly, my concern would be environmental.

Is there any Business Owner Occupied Element or is a cash flow investment3.

Maybe bankruptcy, maybe slow courts or laws over Covid, maybe owner missed a payment and started paying again, but one payment behind, maybe trying to do a workout, maybe some environmental hazard with the property that they want to take ownership of it.So that would be the first step....find out who owns it.....individual or LLC or now in lender name.   

I know to look for areas that are landlord friendly, have population/job growth, limited seasonal/environmental issues, high rent/price ratio, and areas within my budget (under $200Kish).

Not weird at all, good food is a key element to a good life.

., there is nothing wrong with beautifying war-zone areas but just know that you have to be aware of the element that you will be surrounded by, keep the candle burning bright because you may have to spend a couple nights in the property to keep it from being rampaged, i haven't step into this arena, i prefer to go where the houses are selling, in neighborhoods that i know i wouldn't be afraid to live, but to each his own, if you can get a line of credit opened and then from there look into getting a mentor or someone who has done this before if you want to build your portfolio, it wont be easy but nothing is life worth anything is, do you duty and due diliegence and you should be alright, let me know if i can help keep posting but most of all keep sharing

Also check to see if the property is in a flood zone and whether there are any environmental contaminants.