Make sure to take crisp, well-lit pictures that show the layout - they go a long way.

That way it can lay out COC, cash flow, cap rates.

I think both reputation and borrower intuition are important.

We will be changing the layout so, figured we will upgrade all the electrical while we are at.  

If so, I can explain how to develop a community and housing layout for any piece of land that meets low rise density requiements in a way that maximizes square footage built...and profits.

The market can operate in very strange and counter intuitive ways often.

To me living within your means is as intuitive as staying hydrated.I actually read lifeonaire and I like the term.  

As far as obsolete layouts or foundation problems...etc., From the day that I started this business I told myself that every property I get in my truck to look at gets an offer made on it asap. 

In addition, once you purchase the property, you have to get the project designed, site layout done, engineering, etc., and later, submit for plans.Once the plans are far enough along to know what you can actually do, have a basic design, then you will have the information to do a cost breakdown, which a construction lender is going to want to see, and for your own benefit of knowing the development costs.Our company is able to do most of that in house, within a week or less most times, and allows us to know quickly if we should move forward or walk away.However; without experience in development, it may be a complicated project to cut your teeth on.

Go talk to a few HMLs or lay out your deal here and watch the reaction.Your best bet IMO is to find a developer partner with specific experience working the Bakken and a local investor to finance the project.Good luck with it.