A silent partner who is in it for a profit and you are in charge tends to trigger the security issue.

I refinanced my home with intentions of purchasing another, but, I am wondering if while the economy is still goodish (i.e. no recession yet), I should try to pull the trigger on developing my own lot.

I never pulled the trigger on it but I might pop back to get updated rate quotes from them just to see if there was a drop in the last 30 days for Commercial rates.It's anecdotal but wanted to give you some recent experience from someone in the same boat, just not an LLC.

I would just make sure if you do anything further that you're in compliance with the state and local laws. 

I mostly understand the process and realize I will learn so much more when I actually pull the trigger and close on a deal.

But if this is an insurance covered loss (which it sounds like it is) and you have enough coverage in your policy then most, if not all of that is covered by them, except for the tax reassessment if that were to get triggered, that will be on you. 

A lot of it depends on your local inspectors and responsibility the inspector places on the Landlord because the Landlord is responsible for everything the inspector says they are responsible for and payment will be withheld should there be non-compliance. 

I got scared off and did not pull the trigger, HUGE mistake!

First, you have to be pre-approved and ready to pull the trigger on a buy. 

And I still have some money left.The thing is I’m scared to pull the trigger now when it comes to investing again.