He recommended contacting David Simmons with First Tracts Real Estate.

I entered into purchase agreements with tract home builders (like KB) who were selling houses to the general public. 

the key here was that the separation of the two tract happened recently and was documented by recorded documentation. 

You are on the right tract.

I also drive past unfinished home tract after unfinished home tract.

Around here you can buy dumpy little houses all day on land and resell for a huge profit.You have to know land development and patterns and where the growth is headed to know what to look for.The house on the roads make great little conversions for lawyers office,dentist etc. and they will pay much higher than 400 a month in rent for the space.If this is a tract home in a spec subdivision then you are much more limited to how to make money on the property.There is price and terms.Pricing isn't everything.

I've driven by a house in good condition in a solid neighborhood (small '50s tract homes) that has plywood over the windows.

Most every state has a major university that has a R/E department and I like these because it's unbias and there is no profit motive, or hyperbole.In one of the discussion articles one of economics professors here is a bit contrarian and thinks this "shadow inventory" of homes banks alledge they are holding isn't that real...or as big as the hype professes to be.I also read you can buy expired tract maps on the cheap there.

First off, my current situation is as follows:I am 34yrs old and own a 9yr old tract built home here in Indianapolis 3BR + Game Room 2.5BA 2-Story, that appraises for $130K with a monthly payment of $965 including P&I, MI, Homeowners, HOA Fees with just under 21yrs left on the FHA mortgage at 5.75% - approximately $107k left on the loan.

There is a grander scale development proposed which involves assembling large tracts of land in major markets to develop master planned communities.