I've done all of the above, so DM me if you'd like to discuss in more detail.

What I personally do is I will hire a local Civil engineer who has done subdivisions in the jurisdiction and I will pay them up front for a detailed feasibility study.

Patricia,Thank you for a detailed and a very helpful response. 

Thanks for the care and detail you put into your posts on self storage.

Depreciation is another powerful tool, allowing you to deduct a portion of your property’s value annually.Action Step: Keep detailed records of all expenses and consult a tax professional to ensure you’re claiming every deduction you’re entitled to.3.

Visit with people there and you'll get a more detailed look at things from people actively working in the areas.

The LLC would own the property, and your 50/50 split can be outlined in a detailed operating agreement covering roles, responsibilities, and profit-sharing.Since lenders often require personal guarantees for LLC loans, clarify that your partner will be the sole guarantor.

I would recommend getting this level of detail from whoever you buy from.

Adding details and specifics can help get to the answer or direction you're looking for.

Just about every time I have been privy to the details of a transaction where one of the parties is unrepresented and the other is, the unrepresented party gets the short end of the stick.