Aesthetics won’t be an issue and it will pay dividends in the long run with eliminating landscaping/lawn and water costs.

You need for forecast and plan for vacancy.

Now, you need to figure out how to find deals and pay for them.

My take is that some of them might not have a plan after they solicit.  

Throughout my research, Most sources have told me if I am planning on using a FHA loan, I should be able to get a down payment of as low as 3.5 %.

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Be sure to tell your accountant that you may now need to file non-resident income tax returns in each state where you own property as well.

Expect to pay $5K-$10K per inspection depending on the building size.

Zoned, planned, and approved project on all fronts.

So if he refinanced then he'd actually have a higher payment after paying in what he was paid for the land?  

So, if you didn't pay your municipal utility bill and the municipality slaps a lien on the property the buyers could come back and hold you responsible for that.