In order to determine whether note investing is really for me I have been in touch with several other note experts and just had a chance to talk with @Scott Carson who gave me a very straight-up honest assessment of the note industry and what's involved.This is important to me as I need to make a decision right now whether and how to move forward into the note arena, given all my other business endeavours and time commitments.

I got a $7500 assessment on a townhouse I owned less than 9 months once. 

For example, knowing that tax assessed value is BELOW the actual market value ( it better be!)

If you will have frequent transaction activities, you may wish to evaluate an IRA LLC or Solo 401k that provide you with checkbook control and thereby eliminate the paperwork, delays and transaction fees associated with a 3rd party custodian.As a plan provider, I cannot recommend a specific company to work with, but I can say that we get more than a dozen calls each month from folks looking to exit ETC and less than half that for all other trust companies combined.

Those who will carry will assess a hefty premium.  

I'm looking at making a cash offer on this land but I need help running the numbers on what to build and how to assess the risk of the creek.

What resources do I have to assess the potential in the RE market here?

Or does that go away once the property becomes a rental and they can assess property tax based on the current market value?  

Your expertise could still be invaluable in terms of financial management, risk assessment, and long-term business planning along with helping your wife on the weekends. 

Prop 13 caps our assessed valuation at 2% annually!