For the community development dept, you'll need proper plans (architect), site survey, permits, etc. when you're ready. 

Passive income is certainly the name of the game - building a real estate portfolio and creating generational wealth are key ingredients to long term holistic financial health and success.There are fantastic real estate investment opportunities in various markets, particularly in the Midwest and Southeast of the country. 

Will you hire a developer or build it yourself?

I mean really robust and to us the money is made finding those pearls of land that can be developed

House hacking in Chicago can be a game-changer—letting you live for free (or close to it) while building wealth through real estate.

@Keetaek Hong I have a lot of clients who are facing the same challenges but they understand the long game and that it's imperative to build a portfolio, With that lowered interest rate I mentioned you are looking at 30% down and including PM fees will typically have you around break even or barely positively cash flowing.

Bonus 4: develop a list of questions you want to get answers to before you do any opportunity.

Just keep in mind the process can take a little longer since you’d need to work with contractors and follow FHA’s requirements.4.Your End Game: Whether you’re planning to stay long-term, rent it out, or sell once the work is done, it’s important to have your exit strategy mapped out.

2) Many flat fee PMC's charge whether property vacant or occupied, tenant paying or not.Lots of games also played with Maintenance fees.

Right now real estate is a different ball game.