Prices are still dropping and, because this is a unique situation, nobody can predict where the bottom is.

The value of the land has very little to do with cap ex.Each property has unique cap ex cost.  

Entertaining the idea of building something unique and smart for the Austin, Texas area or other parts of the country.

Once I start having some success there, now I don't look at California and get disappointed, now I just enjoy exploring creative strategies and making my network in different states, and talking with amazing people making money in unique ways. 

We all have unique financial situations and a CPA would be best qualified to advise you on whether it would makes sense given your current standing.

@William Philipp so every client has a unique risk tolerance and different income needs. 

In order to receive series LLC benefits, the series must be filed with the Texas Secretary of State, have a unique name from its siblings and parent LLC, conduct business, and be in compliance with the Texas Business Commerce Code and Texas Business Organizations Code.

Not to mention you are in a unique position because you intend to invest out of state meaning that you can tap into any hot market throughout the country.

Unique homes on unique properties.

I know absolutely nothing about the commercial lending space, and am already googling my way through that one, but I'm in a not so unique position of not knowing what I don't know so...