Having $3MM of dry powder during a potential downturn is EXACTLY where I'd want to be, not invested in a property that is simply treading water, especially in a more expensive market.I am of course assuming a downturn, but there is no denying that even very active money (i.e. more time available to spend on adding value) is having a difficult time finding quality deals today. 

I was actually planning on doing it via video conference, but in person would be cool too. 

Cool thanks.  

-Costs of street development and utility extensions (public water and septic)-Approval process for subdividing, what should I make contract contingent on to protect myself (approvals, soil tests, stormwater etc)-Is there a form of financing people generally use?

Absolutely beautiful and the water is always warm. 

The same is even truer of anyone who decides that they're willing to part with $2500/month.Your position is quite unlike selling bottled water in a disaster zone for $20/pop.

A condo I purchased 6 weeks ago, seems to have water damage and black mold. 

So it’s cool to have a forum like BP so we can stay motivated and driven. :)

Capital Gains taxes can be avoided using 1031 exchanges, so the extra risk doesn't seem to make sense.That being said, if I found a deal and it happened to be in an OZ, cool.

1) Make sure water pipes are in good shape inside and outside on the property.2) Have a good electrician handy that can add lights and reroute wires/switches.3) Concrete > Asphalt Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?