Sounds like you got some good advice from a good source!

Houston remains on the lower end compared to other major cities with a median home price between $175-223K and Median rent between $995-1500In the Top 10% for cities with the highest appreciation in the US. depending on what area between 4.42-7.21% (Houston) vs 3.37% (USA)As of 2018 Houston is #14 for cities with fastest growth and migration from other US citiesAs of 2019 Houston is #30 out of 125 cities for best places to live in the US Sources: neighborhoodscout.comrealestate.usnews.comrealwealthnetwork.comhar.comWallethub.comcensus.gov

Anna, there are def some traditional sources (community banks) of financing that will do 80% of appraised value.

Does your pro-forma include a development budget with all soft and hard costs included as well as an operating budget, equity cash-flows, sources and uses of funds, lease-up time table, sales proceeds analysis, etc.? 

The mortgage payments are a source of stress only if you are not making enough money on the property; if you are, then it should be relatively comfortable taking care of that obligation.

I tie the closing the the approvals.Some hotter market Square land is in very high demand will require very short feasibility periods and quick closings with nonrefundable deposit.Are commercial real estate attorneys the best source for purchase offers that include a feasibility period?   

The Cook County Human Rights Ordinance: This ordinance prohibits people in Cook County (including employers, landlords, property managers, real estate agents, store and restaurant owners, bankers, lenders and Cook County government officials and employees) from unlawfully discriminating against or harassing other people on the basis of that person's race, color, sex, age, religion, disability, national origin, ancestry, sexual orientation, marital status, parental status, military discharge status, source of income (including use of a housing choice voucher), housing status, or gender identity.

But that doesnt mean i can't learn how to figure out property values, source deals, and make attempts to negotiate with motivated sellers in the meantime.

@Jay MatI developed a capex spread sheet based on information from numerous sources and my own experiences.  

By that, what I mean is, what data points/sources of data, have you used in the past, or that you currently use, to help you identify a spot in town that is either experiencing gentrification, or is likely to experience gentrification.This isn't question isn't meant to solicit anecdotal/qualitative responses like:"I drive the same road every day and have watched the properties go from being shacks that are barely standing, to getting torn down and replaced by new apartment complexes" -OR- "whenever Starbucks builds a store in an area of town where most of the properties are eyesores, distressed, or are mostly rented out... if Starbucks is building a store in that area, I know it's going to be up-and-coming"That type of advice may be beneficial for some, but much more circumstantial and prone to inaccuracy.