I'm trying to get the ugly picture in my head.The property needs a gut job full restoration and is surrounded by vacant lots and crummy streets,is that right?

I have a full time job but in my days off and night time all I do is real estate.

When you have a full time job and want to get somewhere quicker, then you need the right team and the right area.  

After 5 years in the industry I was able to accumulate 7 multi-family buildings and went into Real Estate Investing full-time at the beginning of this year.Good luck and I would be happy to share some experience with you.

It sounds like they lived in it for 75% of the 2 years needed for full exclusion of gain ($250K if single or $500K if married).  

Back to the hypothetical 10 acres, if you want to create 20 lots on 10 acres that's zoned for one house per acre, then you likely have to go through the application phase with the county, planning department approval, public hearing, and town/county commission approval for the rezoning that differs from the Master Land Use Plan.

If the lien holder is paid off in full then there is generally not any issues there!

I also kept a real estate broker license for about 30 years but I never used it full time.  

@Justin Owens, are you a full time realtor?  

My business partner and I would like to start flipping houses full-time somewhere down the line, with the intent of using those profits to purchase rentals.