Trust me, I've toyed with the idea.Vacant land where it makes sense to build large MFH stock might make sense, but chances are this isn't the land we're talking about here.The reality is most vacant land in Detroit is being repurposed for parks, the Joe Luis Greenway, solar farms, neighborhood gardens, etc.Beyond that, let's say you plan to hold long enough for SFH prices to get high enough where it does make sense to build. 

And why do they care if they have to pay taxes since it is an S corp, if they don't plan to sell it? 

Tonight is the night, after months of work with the state, county, and city we are presenting a site plan for the city's approval and zone change.Normally, I would not pursue a zone change but when I originally went to the city and proposed storage units based on its current zoning they said they wanted more houses.

Start with calling the planning dept at the city to define the zoning and allowed density 2.

- How many personal use days (sometimes including family or other discounted renters) do you plan to have? 

I'm planning on acquiring a HELOC on my primary residence to help me with the down payment/expenses of my first investment property. 

Cheers,Devaughn Welcome to BP - sounds like you have a great plan and story!

Granted, change is inevitable, so I'm always planning ahead for likely changes to come.Good luck, Seth.

I know there would be many other factors on how to manage the money here.It's a difficult time, just trying to formulate a plan. 

Also, if you're planning on trying to wholesale the property, you really shouldn't be targeting REOs as the bank isn't going to let you assign the purchase contract to another buyer.