My wife and I have a "vertically integrated vacation rental development and operation" business for the past 14 years. 

Residential condos are selling for $400+ sq ft. and no new builds will happen ever as town is surrounded by non-develop-able land.

You need to develop a pro forma and use that to come up with a return on your investment (whether that's cash on cash, internal rate of return, etc).

Following the sage wisdom of David Greene, our plan is to establish a "Core 4" team in a few different markets and develop those into profitable business relationships.As we've just started on this path, any advice is welcome, and anyone interested in working with motivated fledgling investors, please feel free to reach out!

Right now, we are still developing our niche.

I think Inglewood still has potential, me and my wife drove around the Stadium area a couple of weeks ago to understand better the neighborhood and even though it may be already overpriced, I think houses will keep going up with all the development.

I've owned it for a couple years, but I know the land is being drastically underused- I want to develop it.To start, I need to determine if the development will be a multifamily structure, retail, or more of a warehouse with office space. 

Build relationships and develop your own method.

The lot is mostly cleared off and I have no issues knocking down all the structures for future development. 

Communication is the key and it was lost hereLet me give you real life example (not Toledo but still Ohio).Townhouse was bought in 2015 for $14K, $5K in repairs (furnace, HWT, plumbing), rented for $925/mo (average Rent in this development $850).