Caution on speculative developing raw land - - you can get burnt real bad.Suggest a marketing plan and presentation that you use to find that Anchor tenant and get them under contract before breaking ground.I'm sure you know the Anchor is the key here and w/o one, it will all wither and languish. 

I looked at some of his properties but backed away quickly due to the backlog of repairs and lack of paperwork, leases, and keys.  

It won't happen over night but persistence is key.

The market is key, I don't think a 5K pop town is a problem but what's housing like there, is it a tight rental market?

Networking is key to success.Cheers!

Am I missing on any other key deciding factors?

Search some of the key terms that you have in the upper search box! 

Building a network of fellow Real Estate professionals is key in succeeding in this industry.

I'm currently finalizing my business plan for 2016, and we are about to use our contractors and key contacts to start on the implementation of that plan.

From what I've learned so far go through the key word alerts and try to engage in conversations.