However, for this first property, I was mainly focused on a market I am relatively close to and knew well (Houston) and somewhere that the appreciation would probably make up for the cash flow in the long run. 

From what you’ve described, it sounds like you’re more focused on long-term appreciation and future benefits rather than immediate cash flow.

There is more, but let's focus on doing things legally and properly instead..There is a flip side to SubTo, where it works and why.

In most instances the lender will be focused on the contract price.

Instead of stressing over timing it perfectly, focus on making sure the deal still works even if rates shift.Since you’re buying in Norfolk, check if lenders there offer any investor-friendly incentives.

Hello Helena, I would recommend you to focus on the west and north west suburbs, Katy, Cypress and Spring as far as areas.

And are there any other skills I should focus on and develop?

we do the same thing Jay but we look at this as return on entitlement spend and return on land purchase. we separate the two measurements. for return on entitlement spend its the total value of the land gain proven through either an appraisal pre and post entitlement from an institutional level appraiser by Berkadia or sale price divided by all of the soft costs needed to get the site to the finish line. we look for sites that are at least a 5x and typically focus more on single parcel sites that aren't assemblages and do it by going vertical not horizontal. as many have said there is much more risk in this strategy that you are doing that led to a lot of bankruptcies. also focusing on the luxury in my opinion isn't a scalable strategy. 

We were wondering if it would be best for him to get the degree or to drop out and focus on making money and getting experience in real estate instead (or try and do both)? 

•If you’re focused on protection, hold off on the LLC transfer or explore a land trust.