Back to the hypothetical 10 acres, if you want to create 20 lots on 10 acres that's zoned for one house per acre, then you likely have to go through the application phase with the county, planning department approval, public hearing, and town/county commission approval for the rezoning that differs from the Master Land Use Plan.

If the NOD has been filed and the property is going through it's listing phase in the local paper leading up the the auction date are there any impediments that would prevent it from being a viable (assignable) deal?

(Still in the studying phase) As for your first property; Did you look to a particular area of interest?

With both of us debt free, we are starting our wealth accumulation/building phase of our life, and we know we need three things from previous research weve been doing, that is paper assets (jobs,401k,Roth IRA, Tax Accounts...), Business (have a few ideas of some businesses), and what brings us to this awesome place, REAL ESTATE. 

In Phase I here, the homes with basements have the "ground floor" well above grade because the bedrock depth is so shallow over there.

Right now, I am in the "learn and save every penny" phase of my journey, so I would love to know:1.

But they're still in the acquisition phase. 

I love your comment on "getting paid for learning", I am definitely in the education-phase and there's no better way to learn than by doing!

If you reach that point where you are in the management phase, financing might be the least of your worries. just my 2 cents.

I'm a complete newbie to the real estate game and currently entrenched in the education phase of investing.