It's very helpful and giving me a lot to think about!

There is a lot to know about who is foreclosing, what lien position they are in, and just general risk of what you are actually buying.  

Given the details here I'd say no, you should take any development thoughts off the table because to do that is not something one simply learns over night, there is a lot to it. $209k is very cheap for 40 acres, so that offer could be a person interested for hunting land and nothing I'd get excited over, and I wouldn't assume it means anything other than you could sell it for $209k. 

That is a lot to ask if your client also cares about the location.

It’s a tough market and there’s a lot to learn. 

There is a lot to investing and even more so when buying using creative finance.

Sell the house as is or use the lot to build new construction and sell for 2.5+.

That means a lot to a new investor because if you are spending hundreds on properties that don't get approved, it could become a snowball effect that keeps you from reaching your goal faster.

There is a lot to look out for when you are buying into an association.

I still had a lot of questions but it's a very complex topic and I knew I still had a lot to learn, and about real estate investing in general.