Specifically, I’m interested in understanding the costs, potential returns, risks, and strategies involved in transforming raw land into a residential neighborhood.  

Negotiated with a residential agent and purchased from a large capital group in the Des Moines, IA metro.

Most residential real estate developers have a certain operating expense margin they are budgeting for in order to make sure they are hitting their return requirements.

For residential mortgage, an LLC needs two years of its own tax returns or occasionally, a local credit union where you have an account will ok it.The bigger question is about your partnership.

I'd recommend speaking with Michael Klein at Savvy Realty.

Investing in a syndication or fund could be a good fit given your situation.I started investing in some fix and flips and some smaller residential properties from traditional BRRRs.

Sherman is about 30 minutes north of there and many of the biggest nationwide and local residential developers have bought land and working on master planned communities.   

Ironically, Waco outlawed all new STR's in residential zoning a few months after I created this post.

Night Before the Exam dot com is a good state study test if they have it for your state.To be clear though, the majority of what you learn in the class is not used by residential real estate agents in practice.

Thanks,Pat  yes we do this right now with single family and we build 3 family because it's the largest residential classification by our buidling codes in Columbus Ohio. currently working on about 5 projects at a time for out of state investors. reach out for any more info, call is easiest