Contractors are tougher now than a few years ago when the market was soft and even the great contractors were in need of work...These days, you have two choices -- find perfect contractors and let them run with the project, or find not-so-perfect contractors and manage them closely. 

LOL, exactly right, I got some invitation for a 1 acre land, looked at it and told them what I would pay for it, then the agent said, oh no, the owner wants 3 times that, I told him to get his phone out and I told him what it will cost to build a 2500 sf 3/2, I wasn't even done with soft costs and it hit lowest figure of the comps.

Option 2: Look for a new place to live with people I know: I asked around, had a few soft leads.

So ft it has been ok.

Originally posted by @Ken Vesely:have you looked at any soft money portfolio programs? 

Actually crazy is a little soft, more like insane.  

Firm handshake for men, soft for woman.

And Rehab Costs would be the cost to tear down and construct the new property, including all hard and soft costs that aren't factored into the Fixed Costs.For example, if I have a house that I can tear down and rebuild a 2000 sf property that would sell for $400K; it would cost $100/sf to tear down and rebuild; I'd have $50K in Fixed Costs; and I'd want a 20% profit on the resale price ($80K), my max purchase price for the tear down would be:MPP = $400K - $50K - $80K - $200K = $70KKeep in mind that the rehab costs must account for all of the following:- Site Planning- Zoning Approvals- Utility Installation- Permits/Impact Fees- Environmental Studies- Etc...If these costs aren't factored into the per-square-foot construction costs, you need to factor them in separately. 

My wife and I are considering purchasing some land to develop a rental up near the Yosemite area (Oakhurst, CA, Bass Lake, etc) and we often encounter other friends / clients who are interested in doing the same. 

I only mail to absentee owners with an event and my message is a soft sale.