Due Diligence and Feasibility Studies - What studies or tests are essential before purchasing raw land?

I'm not really "pitching an idea" as much as I'm wanting to scale up something that is untapped and ready to roll. 

If they pass the personal smell test, I go to step 2.2.

Lobster rolls and Lobster Ceviche. 

I spent well over 1 mil on a CRM, owned a rock solid direct mail provider and drove a Rolls Royce.  

Test the waters with the sponsor for 3-5 years as they hold the properties in the DST, then decide if you want to align with them as a part of your long estate plan.Last (and best) recommendation: Ask your broker what the funds from operations (FFO) ratio is.

Then test the market and try to elicit tenant interest.

To qualify, taxpayers must meet specific criteria demonstrating that they are real estate professionals who materially participate in their rental activities.How to Navigate the Rules:Step 1: Identify your real property trades or businessesHere is a list of activities that are considered to be a real property trade or business:RedevelopmentLeasingConversionConstructionReal property developmentReconstructionOperationRentalBrokerageManagementAcquisitionIf you participate in multiple of these activities, you may be able to combine them making it easier to meet the material participation hour requirements.Step 2: Demonstrate material participation in real property trades or businessesThere are seven tests to determine if you demonstrate material participation.

She reset her front door code and then locked up without testing that her new code worked.

Mailing a few thousand or fewer pieces of mail or less per month, you won't have the statistical significance to test and understand what is working vs. what isn't.