@Joel Owens  I doubt the CCR's would allow for most or any of what you allude to.. but in rural lands those are good options.... and being a Timber guy myself of course logging timber is near and dear to my heart.First thing I would want to know is who the lender is... is it even an institution that reports to the cred agencies... if its not on your current credit report then you do what David suggests and cram them down ,,, or walk away etc etc.building lots are great until they are not.. and when they are not they can fall like rocks.

Even with the lumps, it looked like some sort of unusual rock material.  

Welcome Carrie, this site rocks!

Some of that old wood they used is hard as a rock, so can be pretty solid.

As it is not habitable, and still needs a lot of work (wiring, insulation, sheet rock, etc), so they have not had much luck at the price point they were trying to sell at.  

I'd just make sure my insurance was rock solid to cover any law suits.

Most people I work with live in primary markets (as opposed to Birmingham, Atlanta, Indianapolis, Kansas City, Memphis, Little Rock, Jacksonville, Ohio, or other secondary or tertiary markets) where the Rent-to-Value Ratios are under 1%.

Rock on...

They will have their own team and their own process and, at the end of the day, will most likely spend less on design and permitting than you will.If the numbers are that great and your business plan is rock solid, you should develop it and then sell or hold long term.

Sure, confidence comes with new construction on the block and ability to throw a rock at several comps from your doorstep, but there is a reason why that is a sharp double-edged sword.