If you have the money available, maybe you should offer a large EMD when you do make an offer through her--that might get your offer more attention.If there are only two REO listing agents in your town that could be a positive for you--you can develop a rapport with both and come to understand how they like to do business, maybe they will give out the codes once they trust you.

I have absolutely no experience in developing.

It is geat to hear you are focusing on developing a business plan, learning and networking before risking you hard earned money.

Don't like this one either.Other investors on here that have posted similar situations ended up selling for less because they tried this strategy.I would go for the second strategy and close it and move on.If comps start tanking in that development which you cannot completely control you need to find another area to rehab in.

Removing emotion from the equation will help you develop a more pragmatic approach.

Many developers in Houston deed restrict their developments to prohibit certain uses which could include MHs.

In development cycles there is a under supply,sweet spot,and OVER supply.A certain asset class can be over built and it is often times a race to market on who wins.If your project takes to long to complete and the market gets saturated by that time then you will have to reduce your anticipated rent rates and cash flow projections to bring in new tenants or you will have to spend more on amenities to justify them paying a premium price.Either way it will cost you more money.

There are so many problems that can develop that you are not prepared for.

Why not wait a year and see what develops?

Agents, developers, fix and flippers, wholesalers, bird dogs, etc., all get paid for doing transactions.