(obvious declaimers about predicting the future are assumed :-)) This would likely be used for new development and be of most interest to a developer building from the ground up.2) Assuming the family is looking to sell in the next few years, what is the best way to execute on a property this size?

A lot of variables for anyone to be able to accurately predict the future of housing market (or stock market).

@Dustin Beam whatever happened during the crash of 2008 is not an indication of what could happen in he future.

I pretty much have my rehabs down to a science now so I could give you some pointers and maybe we could work on a deal in the future.

Excited for the future!

@Michael BurlisonWelcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

That said, don't let that deter you from future offers on properties - but definitely get a feel for the market first, and then do your assessment on the seller and property.  

My family owns a nice lot, about 1 acre, along the major highway in my area (Southeast Iowa).In the future, I plan to split the lot and build two new homes.

The guy that I was originally going to hire as my new property manager for future tenants has offered to do a mortgage assumption.

Keep this letter just in case you will want to sell in the future if you do not want to sell right now.I hope this letter was not too much of a bother.