In my limited reading, it is my understanding that you do not and may not be able to finance land.

If you do, then you can choose whatever you like the best.If you don't have a C wire, then your choices are very limited. 

Obviously market value is still a bit subjective, especially with limited data so I don't want to get too hung up on that portion of the deal.

Your value will be limited by the comps available even if they are all dated.

You'll never be without work, and those skills aren't limited to just REI.Where in SE Texas are you at, if you don't mind me asking?

Up until the actual foreclosure auction sale, it is like any other sale......you and the owner have to agree on a price, get it under contract, go to closing, buy it.....you’re just on a limited time schedule when it is in foreclosure.No one is necessarily going to sell to you for just what is owed, when they have a lot of equity.

Outside we were limited with the soffit, so could not set them higher.

Another item that most people don't take into account when comparing RE vs the SM is the fact that in the SM your losses are limited to the money you invest. 

Security Deposit in our case is one month's rent: $2,000Upon hearing our breach-of-contract request, the PM stated, "We are holding you responsible for the full term of the lease including and not limited to all rents , collections fees, broker fees , legal fees and any fees associated with the breach of your agreement.   

I'm based out of the Chicago market (a newbie) and am trying to get some help in narrowing down neighborhoods to focus on, whether that be within the city limits or the surrounding suburbs.What tools are typical in guiding your decisions to focus from broad areas of search to down to smaller neighborhoods of focus?