Will you just be doing the construction on the units, and the lots are all developed and ready to go or?

It's an option to be considered, and it's big business for the many people involved in the process -- lenders, inspectors, real estate sales, the home improvement industry, construction, real estate attorneys, etc.  

We both have hands on knowledge of construction through small rehabs and he works as architect.

Making money out of property is just like any other business venture you would undertake.

I have s construction background so I'm willing to take on some fixer uppers. 

I am 59 years old and I know what to do because of my experience in construction and real estate and learning on BP and others since I have been recovering the past 5 years.  

This means that the house must not look like a conversion, make it look like it was part of the original construction. 

You could also look into construction/absorption rates of units in the area which will paint a picture of the supply levels in your market.

Earlier in my life I worked in the construction trades and built a 1600 sq. ft. home by myself.

I do have a construction loan in place once the land is purchase and will take out within 30days.