You have definity found a great place to learn a lot about all aspects of real estate and network with people.One thing that I have found very helpful besides reading the forums is listening to the podcasts (they are free) and getting all the ebooks that are offered on this site. 

Mark, still not hearing any defined area of interest, you're saying development, to most here that means a housing development, 100 lots, might have mixed use in there, you may mean development as a project, that might be restoring a 100 year old home.

The state statutes define "blight" differently and that's where the battle ground is.The very real constraint in my mind  also public coffers were decimated by the great recession and they need every cent of the tax base rolling in.  

Ha ha ha.Short for anal retentive, defined as uptight, strict, picky; "by the book".American slang, gotta love it.  

You will need to define exactly what you will be doing as the sponsor.  

Those are also definable goals that can be clearly evaluated. 

They are mass marketing "off market properties" that's ok but lets define what this is for bpers. 

They'll go down as defined by NOI / r - g, where r represents the required rate of return.

First thing you need to do is get the place ready and find a tenant AND have a clearly defined enforceable lease for that new tenant.

You need to define your goals for your investment and let those goals help guide your investment.