Currently we are both in the same condition financially, meaning we have little to no capitol.

Another claimed that he had temporary credit issues but I found judgments that just fell off his credit report, demonstrating long-term financial issues rather than a temporary issue. 

@Charles S.The 50 % Rule States: That 50% of gross scheduled income (GSI) goes out over time to cover expenses not including debt coverage.The 1%, 2% and the 50% rule is meant to act as a quick analysis tool, to insure the deal is actually deal.

Podcast.I am a Veteran of The Marine Corps and I am wanting to use my VA Loan to buy a multi-family home to live in and rent out as my first deal.My Goals:Make a posivite impact on the communities where I live and work.Become financially independent so that I can focus on my family and travelling.Complete my first deal before the end of 2016.Earn my Ohio Real Estate License.Own 10 units within five years.Create a Net Worth of $1.5 million within 10 years.

My only current debt is the mortgage on my condo and two small car payments.The local market is so inflated I'm not sure if I would be able to make any profit here.  

They may have mandates that essentially require stick-built houses, which would be more expensive, and may make the lots financially unfeasible.That could be another reason why the lots were never built on.Lastly, consider that if it's a package deal, some of the lots may be buildable and some may not be (or may be more difficult, less profitable). 

It might be something to look into, as long as you think about the different financial aspects of any of the potential deals. 

I am currently in the financial market looking to explore new investment opportunities.

We are financing these with both personal funds and mostly private debt investors.  

However, an IRA can partner with disqualify partiey to invest in real estate provided certain rules are followed such as not using debt financing and the property may not be used by either party.