When buying a business, either the income is on the books and the tax returns or it doesn't exist. 

You will need engineers to do drainage studies.It will cost you at least $25,000 for the subdivisionYou will have additional costs during development because you will likely lose your water tap and your wastewater connection on at least one of the lots (I'm assuming that the existing connections will no longer fall within the guidelines of the land development code)..The city will tell you that this takes 6 months.

@Micah StarbuckWhat kind of work does your existing home need that requires a general contractor?

I wanted to buy a fixer, but I (and by "I" I mean my wife :)) knew that my time was non-existent to actually work on the property.

She simply don't understand why BK exist in the first place. 

Volume shot up from near non-existent.  

If you have an existing FHA loan and go to apply for another one the lender will know immediately that you already have a FHA loan and will require you to refinance the current FHA loan or pay it off. 

Like John says it depends on your market. 65-70% of ARV is ideal but in some markets it doesn't exactly exist and in others people will tell you they buy even lower than that.

Maybe first off, check your existing portfolio to see which property already has the most equity and/or worst rent return ratio, and flip THAT one?

A hotel can exist without those amenities and not all hotels even have them.