The good news is that if your bet on #1 pays off, then selling the property 10-30 years down the line won't be a problem, as another investor will happily snap it up and participate in the returns.So, if the rent is there, justifies the value, and matches the style of investing you want to do then happy hunting :) I feel like the rent is there and a reputable 150 year old college isn't going to go anywhere anytime soon, but I'd need to get it at the right price for the deal to make sense.

It took a little steel in the family jewels and a year or two of hanging in there and holding my breath, but it was all gravy after that.I'm reluctant now because to me prices are pretty darn frothy.

Work with reputable-high integrity people.

You will need a complete development package to present and a qualified team including a reputable GC before the Bank will consider the loan.  

My wife and I own a single-family home outright in a desirable part of South Tampa for $150k, and have our sights set on doing a tear-down and new build with a $215k single family spec home by a reputable local builder.

However, in hot California markets, if you start throwing a ton of offers out without closing you will quickly create a reputation as a tire "kicker" and not a "closer".

If the lender has a good reputation then you should be safe to move forward. 

It may get there someday, but in the meantime, their useless Zestimates continue to damage their reputation among professionals.

I guess, if you are using a reputable loan broker or banker for such a loan, they are not going to be sharks and are there to help you and educate you along the way.

Yes I used a reputable title company.