Similarly I see some CRE lenders throwing money around again topped by dried up inventory and too many new, overpriced A-class developments going up just to create the perfect storm all over again - this time in the CRE space.

I am still trying to Perfect the method.Since I have owned property, developed property, flipped and held property for long enough to tell a great story, I have friends who lend me money based on my experience.I say this more to contrast what I am doing with what your trying to do.For me, I borrow 100% of the purchase price from private money.

To piggy back off of Joe Homs I personally like driving my target neighborhood and identifying “ugly” homes in a neighborhood.

James, Thanks for the book suggestions, I will order them right away and develop a more thorough knowledge on this - very appreciated!

I found this one really good article on sub-dividing, and then using Oakland's mini-lot development guidelines as an approach to this: http://www.jgutierrezlaw.com/uploads/Subdivisions....Is there anyone around that has subdivided their own property in Oakland?

Additionally I would also suggest you identify your metrics i.e. cash flow/appreciation/class of property/landlord tenant laws in the respective state and any other metric that propels you toward a specific goal. 

Due to the low new development over the last 7 years and the influx of people relocating into the SGF market, inventory is incredibly low across the board. 

I will give you both sides:as an agent and developer.

A ton of development and renovations happening in the area and you still have the commuter rail which is making it an ideal place for young buyers. 

That will keep you out of trouble and help you develop a strong reputation.