Until last fall, he’d been living in a 1926 Tudor-style, five-bedroom, 5,800-square-foot mansion situated “on the best street in Hancock Park,” as a recent Trulia listing describes the property.

To fill a 500 square foot room with 3 feet of water (which is waist deep) would be over 11,000 gallons.

Any ideas on average cost per square foot to build right now? 

For homes in the thousand or so square foot range, it's quite common to pay more per month on your property taxes than your actual mortgage.

On the next page it went item by item by item for a huge laundry list of potential repairs in a home and gave a price per square foot for each of those repairs.

The first one was an 815 sq foot house on .1 acre that should probably we bulldozed and it sold for $115,000....

So, take your time and start off on the right foot. 

I know a developer than can build for 40 dollars a foot cheaper than his competitors because he keeps his crews working year round with constant business.Get a local commercial land development broker specialist who can perform a void analysis on the property.

I’m starting off in wholesaling to get my foot in the door but eventually want to move up to investing in multi-family properties & land development.

For example, I can diligently dig a 5 foot deep hole in my back yard and fill it up every day of the week, but that shows no wisdom because no one is willing to pay me for that work.