Recommend you narrow down your country or objectives.  

I would say skip the real estate license if the objective is to learn more about the industry.

Hi Everyone:So far, we have covered:Basic Project Information and Physical Design CharacteristicsSite Selection and Design/Project Programming Next we'll cover (over several real time posts, in roughly working order of the actual development process)ZoningProject underwriting - proforma analysis and apartment financial return basicsLand contracts - structures and strategiesDue diligence process and risk assessmentConstruction plan production process - working with consultants, architects, engineers, and disucssion about project specificationsPlan check and permitting processBuild out - guidance on working with general contractors and subcontractorsBuild out - real time photo essay of build out processLease up and operationsSale upon completion and demonstration of returns generatedAll real estate development projects will generally work through this same process, no matter the project type.My objective is to provide a framework that anyone can work from in the development process.

You should elect the property based on financial objectives, rather than an opinion from someone who may be on the other side of the country.

Software does OK with objective data (SF, bedrooms, lot size, etc.) but fails with subjective data like photos (condition), proximity to nuisances, etc.Below is a summary of the comp selection guidelines we follow.Distance: All comps should be within 1 mile of the subject if it is in an urban or suburban neighborhood.Age: All comps should be within ten years (newer or older) of the subject property.Size/square Footage: Only above-ground square footage is calculated in the square footage.

As I already have 10 Fannie/Freddie mortgages, I am no longer eligible for conventional financing, not even as a co-signer.You are correct, the objective is to avoid hard money...it's not economically feasible for this strategy. 

PL/Cash flow estimateThis is an example, for discussion only.Adjust to local estimatesGreen change or fill in.Combination PL/Cash flowIntentionally leaving out Depreciation and TaxesAnnualNotes:Revenue: Gross$354,240@ 90%, after rent up period Late fees$0as needed$354,240Electricity$2,400Water$400Sewer$300Grass$1,000snow removalas neededmanageras needed, I do self service by phone; do you pay yourself.maintenance$3,000Insurance$3,000Property/LiabilityProperty Tax$25,000use localLoan P/I$120,000Get your bank to do 20 year amort, adjust based on how much equity you have to put in 10%/15/25/40/etc.Depreciationleft blank for Cash analysis Cash out$155,100Pre tax$199,140Tax$59,742as needed, adjust Loan P/I for Depreciation expenseNet cash$139,398Payback:Total Cost:$2,170,933Less Equity infusion:$217,09310/15/25/40% Net loan position$1,953,839Annual cash flow$139,398Payback years:14.0Financial Objectives:Change calc/terminology etc to your objectives.

I'm concerned the legal fees would outweigh my primary objective; which is simply to cash flow monthly (which I am currently).

@Sam Lopez You probably can't find two markets more different than Detroit and Dallas/Fort Worth so I have to question whether you have a well defined and coherent criteria and objective.

No system is perfect, so don't waste your time chasing after the next shiny object.