Is the soil fit for gardening?

Performing assets with healthy dividends generally won't be sold at big discounts, although the illiquidity probably would present some opportunity for a discount purchase.

Most slums in NYC have now re-gentrified because of sheer housing demand.Neighborhoods can have healthy gentrification too, diversity is the key.

One interesting concept we were discussing in our REIA meeting this week would be to find another rehabber with a SDIRA in your area and do private loans between yourselves to provide a good source of capital and a healthy return on your investment greater than traditional equities.

You could wholesale it for a healthy fee.

Just to get it to the point of submitting for approvals requires purchasing the land, and having large sums of money be paid out for engineering, environmental reports, soils testing, etc., without any guarantee it will be approved.

The water level in the pipes will equal the water level outside the walls in the soil.

I would set aside at least 10-15% of CFBT until you have established a healthy reserve.Rerun your numbers using 12% vacancy, 10% maintenance, 10-12% PM, and a 10-15% reserve from CFBT.  

I've had better success with treats than healthy items. :-)

Before you get started I'd recommend getting on a budget, paying off consumer debt, building a healthy emergency fund, then start saving for a down payment.