The vacant lot owner is asking 20k firm for his land.

But in the meantime, if you aren't happy with your management company, I would suggest interviewing others until you have a firm understanding of all the facets of managing on your own.Good luck! 

Now I am in the early stages of development.I am working with a consulting firm to help with a concept plan, engineering, and to get the city to sign off on everything.

Set a Firm Budget: It's easy to get caught up in the bidding frenzy.

To thrive in real estate investing, you must maintain a firm grip on your finances.

@J Scott  in our state amounts that over bid from the minimum credit bid are then dispersed to the next in line on the TSG . if there are no other loans leins etc.. excess proceeds would go to the trustor who lost the property... the Trustee conducts the sale for the benefit of the Bene and they receive funds at auction then disperse.. in WA excess proceeds go to the courts for dispersal is my understanding.. in Oregon the trustee ( which is a law firm of some sort) will disperse...

Magnolia has an incredible restaurant in another part of Waco, they bought a historic hotel that they are currently renovating, they bought an actual castle in the heart of the city that they are currently renovating, they own one of the largest real estate brokerage firms in the city that continues to serve the real estate market, and they themselves own several Magnolia short term rental properties that tourists can rent nightly to have the full Magnolia experience.

To crystalize this point many years ago I was involved in a dispute with an architecture firm.

There are local firms that will do it for you with the cost of about 1/3 the tax savings. 

For instance, at one point when I was working as a senior accountant in a property management firm, I was training a guy who was a CPA for 30+ years even though I was hired 2 months before him.I worked only in real estate accounting and financing and became CFO.