Make sure to communicate with them that last minute emergencies may fall on either person.

Don't fall for the gurus.

SW Fl is already seeing falls.  

This is circumstantial and market dependent but something you should explore if this land falls under this category.

A potential trap people may fall into is that they will borrow to source a down payment, therefore ensure you check existing debts and cash flow carefully otherwise you might be in over your head.

Hello all, just made my account here on the site to get some advice. This is the messiest deal and worst real estate agent I've ever had the displeasure of doing business with. Please feel free to skip the details and...

Understanding Commercial LoansProperties with 5 or more units typically fall under commercial real estate loans, which have different requirements compared to residential loans.Requirements for a Commercial LoanCreditworthiness: Both your personal and business credit scores will be considered.Down Payment: Typically, 20-30% down payment is required.Debt Service Coverage Ratio (DSCR): Lenders will assess the property's income relative to the debt payments.

Where population growth is stagnant or falling, the current housing supply is sufficient so there is little increase in prices.

In addition to appraisal/financing, I would also wonder if it's possible to get it insured (like, liability insurance for guest slips and falls).But instead of thinking about why it wouldn't work, think about how it could. 

For that reason, I always advise clients to make sure the property pencils as a long-term rental so you have a plan to fall back on.As far as connecting with other local investors, have you considered joining the local REIA?