What do people typically do in these situations? 

I can tell you that business typically slows down from October - April.  

So can go into a neighborhood's GIS system and look up what the individual parcels are assessed at and omit the building (also referred to as improvements), typically the real value of nearby parcels is somewhere between 50% and 75% of what the county claims; example: if the Fredericksburg GIS system claims that a certain house's land is assessed at 50K then your investor should NOT buy it at more than 37,500 at the VERY most.One MAJOR point to take into consideration is: an investor that you will help buying a parcel of land is an investor that will have less money to make future purchases.Good luck, and fee free to shoot me any questions as I'm very familiar with the Fredericksburg area and won't hesitate landing a helping hand to fellow BP.

You are in a very decent spot to start out. 1) yes, you'll probably be more successful working with someone who balances out your strengths and weaknesses.2) Don't be afraid to work really really hard at first (6-12 months), it may be necessary.3) network4) think creatively, think differently5) plan to grow6) use other people's money; whenever possible, keep your cash in the bank7) work smarter and smarter as you go... try a few ideas, then focus, try a few more, then focus again, utilize other people's time for 10.00/HR jobs and focus on growing your business.Good Luck!

When I write our loans, we have a grace period built in - typically 5-10 days - before the payment is considered late and penalties are due. 

Is a down payment typical, or does that really just depend on the deal?

There are all sorts of things like EDU, utilities, etc that need investigation.Are these public or private utilities on the lot?

One piece that might make a difference is if you're paying the utilities (or utils included with rent).

Typically you still need cash for the downpayment.  

You could utilize this tool borrow money from the plan than you then put into a personal real estate deal.