I cannot imagine paying $30,000 more than a property is worth.I subscribe to the "Lower Hanging Fruit" theory.

Since that time I have bought two more times (all adjoining parcels of raw land).

Others are talking about direct deals in raw materials (broker who trades wood products, oil trader who also brokers shipping contracts, etc).As to your RE investing.

In year 3 I was still struggling but I bought 2 more properties that needed work and by the end of that year we finally started seeing the fruits of our labor.As long as your committed to this Real Estate game your wife will see that and everything will work out...if your patient. 

You can own residential, commercial, raw or improved land in your IRA.

These are raw numbers and yes you have costs going in and out and your negative cash flow.Good Investing...

there is nothing in America today harder for a business person or private individual than to get a development loan on raw dirt Bottom line the only way someone with little to no experience does this is with cash from investors.. 

There are also some excellent opportunities within the areas surrounding Central Sacramento that can be much more fruitful in yielding a stronger return while limiting the upfront investment. 

Has anyone ever invested with an owner of a property , that wasn’t willing to sell their property because the offer wasn’t what they could be satisfied with but they were willing to allow you to build on their raw land for a percentage of the profits, after buying in on the investment? 

If you’re currently investing in these areas, for raw land and development, what are some numbers you typically like to stick to when purchasing lots?