So not only do I ditto what J stated, I add to it that the total cost to build with that sticker price of the dirt leaves negative profit. 

Two major issues I've already encountered are:•the app doesn't seem to have a way to alert you that someone has replied to your post, mentioned you in a post, or replied to a post you have also posted in.

I've also been struck by the kindness and hard-working nature of the people I've encountered, from our retired neighbor (former Vietnam pilot) who offered to give my first pilot tenants rides to/from the airport 24/7 and calls us if he sees any "funny business" to our handyman who stayed at our 3rd property until 11pm to get everything ready as promised for move in.

@Denny Le  - Yes I am familiar with the program because lending is what I encounter day to day its the lesser of 78% or 11 years with a min of 10% down so to answer your question if you pay it down to 78% in less than 11 years you will still pay MI because the wording is "the lesser of."

Not sure if you have encountered any situations like this.My real question is - is there a list I can purchase to target potential lot/land sellers?  

Jack:If you are acquiring residential (1-4 unit or 1-5 unit w/ CIBC, 1-6 unit with RBC) properties and your ratios are strong, you should not encounter any real issues from the Big-5 until you reach 5-7 mortgages.

Yes, we are looking for conforming and we are encountering the lack of flexibility.

has any one has encounter this situation in the past before?

You might encounter that problem in Austin as well, especially given all of the reconstruction efforts that are going to be in progress for sometime in Texas and Florida and Puerto Rico.

I'd hate for you to encounter a pitfall I didn't think of in this analysis!