It was a standard loan.

Charlottesville permitting is usually a nightmare and I can tell you that if you are trying to do something like that fully up to code then the city's standard is going to be more or less the same as a normal house/structure.

All those states' metros are going to have a relatively tough time "cash flowing" with minimum down and standard LTR.  

Water heater 3 years old.

You'll have your standard recording fees and mortgage tax, etc. 

White sands, blue-green water, loads of tourists. 

My 2 cents is right there with the other guy, get into something on your own first to test the waters and know what it’s like to actually buy and do some work.

@Tyler Kesling  Adding to the above great points, start with 2-4 units as it's standard conventional financing.  5+ units is commercial and somewhat of a different ballgame.   

We are local contractors in the area looking to get our feet wet in the real estate investing waters.

Although instead of knowing about roofs and rehab.. land folks need to know about:Zoningwhere is the power  is there internethow deep are the wells or is its an area that water is super toughDoes it perc. and or how expensive are septic systems.Wetlands Etc.Now if you target land with all city services then its just dead simple.. figure out the retail value and buy below it and do your flip..