If you don't count your labor costs and you are correct on every one of your estimates, IMHO you certainly can make $, but the margin won't be anywhere near what you outlined in your post (you are severely underestimating comparable land costs) and the risks will be so much higher (project runs late, larger holding costs, miss premium sale period etc).It is wonderful that you have experienced developers that will share their advice... paying heed will help you mitigate risks.

I'll outline my plan and show him the possible numbers, hopefully he'll get on board from imagining the benefits.   

That makes this argument a bit "Non Sequitur".Specifically with reference to Article 4 of the NAR Code which specifically outlines how agents can work in their "own best interest" as a principal to the transaction with the WRITTEN Consent of the Customer or Client.  

Enough money to buy healthy meals if you don't like to cook, etc.But the one thing I can't generate any more of is time.In the next post I'll outline how we made the money and how long it took (about 30 years), and the event of fortunate timing and good luck that started it (my grandmother pushing my parents to buy some apartments after the S&L crisis around 1990 - when banks could barely give complexes away and you could do 90% leverage deals).I'm the fortunate son of a grandmother who had a classic value investor's eye (even though she was trained as a nurse) and who started buying single family homes back in the 1950's and renting them out.

I always outline in the scope of work when payments will be made.

I agree with this for the most part except for hot core markets.In some of those markets there was a temporary blip and now the markets are starting to increase again at a rapid clip.The outlining suburban to rural markets is what generally recovers last.In those areas I do believe we are years and years off in some locations from a recovery.Driving the other day I saw a new homes subdivision sign stuck next to a main road.First one I had seen in 4 YEARS.

There are many ways to do this in real estate, and many examples are outlined in the book.

If the city was run by anyone with even a partial brain they would adopt the plan that I outlined to them 20 years ago.  

There are a few other things you can do, which I explain in this video, but what I’ve outlined here will put you light years ahead of other agents trying to rank in your local market.

I think this thread has done a great job outlining the basic steps needed to build a house.