You need to minimize upfront expenses because 100% of your investment is at risk and lost if the lot is not buildable.My favorite strategy is to locate the property and tie it up for usually no more than $100 for a period of 8-12 months, analyze it myself and if I believe it to have a chance at being buildable I create a permitting plan and market the property to other investors/builders willing to take on the permitting risk.  

Work with your attorney for what is needed to insure all subcontractors get paid by the General Contractor.Make sure the insurance covers Construction period and also materials.Talk with your Commerical insurance agent and they should address the above questions with you.If this is an older facility make sure your engineering firm has covered Fire Suppression systems and any Storm pond or drainage systems. 

Find the market with the best market appreciation over the hold period and you will have found one of the better cash flow markets over that hold period.As for the forced appreciation….  

I would love to explore the rest of the US - if I had the money.

I self manage the rest.

Sorry, what I meant is if she lives in the house for 10-20 years with you paying for everything, you are paying for her housing for that period of time. 

My understanding is in Jersey, the owner has a set period of time where they can force the property to go to auction.

Original, decorated with period antiques and rugs, an old grandfather clock, a river otter taxidermy, and a 80-year-old map of the Great Smoky Mountains above the fireplace. 

We used $100k of private money and the rest was personal cash.

My first property was a duplex, and then a year or so later she bought her house, and we moved in together living in MIL suite basement and rented out the rest of the house.