There's a lot to consider when purchasing a property.  

NOI/Cap Rate = Value.After you establish a Value (or ARV) for the property when it is rent ready you can work on an offer price.  

Being a "newbie" I had a lot to learn, so I took advantage of the"down" market and learned as much as possible about short sales and REO's. 

I found rates and terms were much better when I used a local bank (specifically a bank that operates on the island).I certainly agree with establishing an LLC to conduct business but you'll want to be careful how you operate so your day-to-day activities don't cross between multiple companies and deteriorate the value of the LLC.  

Currently, Julian Colvard is an established fitness strategist to the Atlanta University Center and its students, public speaker, and, some would consider, a scholarship specialist, obtaining over twenty-thousand dollars in external scholarship monies while attending Clark Atlanta University (Junior) on both academic and athletic scholarships.

I am teamed up with several experienced investors, and hope to establish a solid rental portfolio this year.

.- Hire a family member to work in your business- Go to some networking events and look for new investors/go check out a new potential market- Establish/fix-up your office.- Buy some Technology - new devices or software.- Ask Contractors to invoice you NOW for work they have done or are about to do.- Pre-buy construction materials maybe even some storage to put them in- Buy tools for you or your contractors to use on a future flip - Hire an accountant to help with some of these ideas

Does anyone have a checklist when buying and considering buying a lot to build on?

My plan is to establish an LLC that I would own and transfer the house to the LLC.

@Syndarius FosterCheck out the nearby members and network https://www.biggerpockets.com/meet, it will help you a lot to find partners that can help you out in investing.