Then I asked if I could just store some materials on the land. 

Key elements include paperwork, third-party inspections, and critical dates for due diligence and closing.

Terms for the seller 2nd have generally been 5%, interest only, 5 years.I'm only considering properties under this scenario that cashflow well immediately, hence the i/o payments, in addition to having a strong value-add element.

I can not imagine you'd get a permit with "just a box drawn on the site plan".....nothing showing plumbing, electrical, structural elements, etc. meet building code.

Garrett, go to your local lumber, doors, windows, etc. supply store (not a HD or Lowe's, of course) and ask at the front desk if they can recommend someone. 

I like how you point out the "technical" elements at play by mentioning the demand for MBS versus treasuries. 

The difference and con is this house is at the end of a street that both backs up to the rear of a commercial store and is very near a busy highway.

Think of it another way, if you invest in apple stock and show up to a store asking questions or their office to ask questions and say you are an investor in the company - what type of response do you think you would get?

Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum.

Washington was the operating partner, with the land being developed for small farms, houses, grain silos, tanneries, barrel manufacturing facilities, churches, stores, etc.