Construction can have unforseen costs, construction loans for rounds of funding can be more expensive over time, rent markets can drop, vacancies in market can increase.Typically entitlement phase of land most risk, followed by development, followed by vacant building turn around, followed by half vacant building, followed by mainly full building with value add component, followed by brand new building with market or below in place rents and everything new with good location.Along that spectrum of course you go from heavy equity upside potential to mainly just the cash flow return and hopefully price appreciation over time.Investors have to decide on the spectrum of their risk assessment to capital over what period of time how they will allocate between all one type of investment or multiple and what percentages.

First, you always wind up being in for more than you budget, always, and two if you are cutting the capital requirement needed close then you can go under and default.Truth be told, to get through a deal and afford: Down Payment, Closing Costs, Holding Costs, Deposit for contractor, taxes, insurance. 

Geez  I would be talking to your HML right now as I doubt they want to take it over.and try to get a workout with them ASAP.. sounds like its going to be  a loss anyway you cut it and I have to think you put up cash for a down payment as well. maybe someone else will have some pearls for you.Wholesaler is going to low ball you for sure.

So I have been researching making an extra principal payment every year and how it will cut down your mortgage to between 21-23 years.

I like to look at each component of the process on an itemized level first so that when I do work with a developer I can have my own reference for all the bundled costs associated with the build proposal. 

Pencils have been down and large investors have been focused on cutting costs, increasing renewal rates and improving operations.

Quote from @Stuart Udis: Below is a cut/paste response from me in 2023.

While this doesn’t cut out the middleman completely, you can find excellent investment opportunities for flipping houses at a much better price than you’ll find on public real estate markets.

If not, buying something random and making one trip there for the inspection isn't going to cut it, and will not protect you from buying a bad deal.Can you pick a market within a couple hours of you instead?  

Federal land in the middle of nowhere does not solve the crisis, crisis can be solved by smarter planning, better use of land and getting politicians to cut through the red tape where costs to develop are astronomical.