I also understand that banks might be more willing to deal at the end of the quarter or year - the fewer properties on their books, the better for their balance sheet. end of quarter is a real thing I bought a big mansion that a NBA player had gotten 3.4 done  on a disposition from wells fargo .but it had to be off the books by a date certain so we had about 6 business days to close it.. we paid 1.7 million in cash for it. then refinanced it after we owned it and pulled out another million to finish it.. turned out to be my best rehab ever sold it first day on the market for 5 million :)  I had 2 other partners.. so its was a nice pay day.. but that all happened because wells wanted it off their balance sheet or default list by end of a certain quarter..

Much like "ratholing" in poker where the player takes his chips off the table and ends up only playing with the banks money. 

You’ll get to know all the deals, all the players etc, lenders etc.

It is a major player in the local economy.

You're true about Cummins being the major player, while there are other local employers but as big as Cummins. 

However I regularly see new people coming in, Large national players as well as small guys, and they get crushed.

Because of how few players the land market has and the nuances of selling land I would suggest you partner on this deal with some one who sells land.

I know the other players in town are looking at the property.

The reusability of the credit line just makes it that much more of a player in long term plans.As for pricing I would say you should do that based on your risk tolerances.

So there is no question in my mind all these folks that think Hey I will just help these people and let them invest with me while I do all the work.. etc.. run a huge risk.. and for what to buy some low value asset to make a few grand a year.. not sure like I said why anyone would do that.. but I suspect its taught at some of the note schools.. and we know gurus are not on the front lines of what is legal and not.other wise there would be no reason for the bigger established players to create 500 series funds.. no need at all they would just JV all the notes.. easy peasy... in CA you can fractionalize notes legally without securities but you need to be a CA broker or NMLS or have consumer finance license all these states have their thing.. that was part of my problem in Oregon..