The second is loaning me the money for building a spec house with a lien on that house.The land part was easy but the infrastructure and new construction is a bit more complex.

It walks you through some initial numbers to help you analyze a property for a new construction spec home.This spreadsheet is specifically built with the sale of the property in mind, but in it I talk a little about how to put the numbers together, evaluating comps (which is what you can do to determine the value of the land) and how to determine what you can build on the property.Here's a link to the video:http://vimeo.com/99876448And here is the spreadsheet:https://www.evernote.com/shard/s3/sh/a42d0a1c-3f16...There are a couple of things to think about based on your conversations above:Depending on the size of the lots, you might have the option of building 2 duplexes, one on each lot.

I don't want to be held liable (financially or morally) if a tenant dies because a smoke  detector had dead batteries.

We just finished the construction on our spec, new construction in Dana Point, CA (Orange County), in the Capistrano Beach area. 

just to tag on most coastal markets your flips are 350 and up.. sky is the limit.we do some In Charleston SC that are 450 to 750k.in Portland 400k to 2 mil  is common.. but our market over 1 mil is softening.I am starting a 2 mil spec in Charleston next month.. but its in the historic downtown south of broad area.. being a very unique area with VERY limited inventory for me I will risk it but usually I want to stick to just above the median..

you'll want to have an idea ahead of time of who the likely users of the land/space are otherwise you're taking it down on spec.  

Will they change light bulbs, batteries, etc?  

I'm not sure in other states but here in Florida we have to run energy calculations that specify the min. requirements for insulation, windows energy numbers, A/C specs, ect.

If you need help financing your flips or spec homes then we should talk.

Is this full spec book and 10 pages of construction drawings or is like 50 drawings?