Someone who buys a tract of land and simply holds it because someday it will be worth something is in good shape.  

If you can swing 95% LTV, and you aren't over the income limit for the census tract (many tracts have NO income limit, so do check even if you make good money), there's a Freddie Mac solution that not a lot of people talk about. 

This is my first post, I have been on BP for the last year or so, and while reading my daily digest today I thought - I could actually also ask for advice from BPers on what would be the best strategy in my current situation.

Now, on a serious note, as for investing out of state, speaking conservatively, if you had taken that same $1,666,062 and invested in dumpy San Bernardino 3 bedroom, 1 bath 1950s tract houses back in 2008-2011, your pile of equity would now be, again conservatively, in the neighborhood of $3,123,866.

Eligibility is dependent on borrower income and census tract which you can google to find out.

Devote every spare moment to digesting webinars past and present on youtube and vimeo.7.

These tend to be larger tracts of land that would hold 20 townhouses or so

It is typically best to wait for the inheritance.One item to digest, you could ask your parents to refi the property, do the development you want and are care of the loan payments.

I am on the No Cats Ever bandwagon also because I used to own one that would let us know she had a urinary tract infection by peeing the most god awful smelling pee on the bathroom rug. 

I must say that it was very hard for me to digest.