@Chris SeveneyThank you Chris.

@Yong Jin Lee there is no better person to follow here on BP than @Russell Brazil if you want to know about the DC area market.

Thanks for your reply Chris.  

Quote from @Russell W.: You mention you have humidity in the basement, but not water intrusion.

@Karen Margrave @Dave Van Horn @Chris Stone @Bradley BogdanLooking to tap into your expertise here. 

There are a few very specific lenders that will lend on this, and I believe they will require much more than 20% down.The expert on this is @Chris Mason.

I like @Adam Schneider, @Chris Martin, and @BJ Henderson 's remarks.The bottom line is that your question is too broad to answer, as there are way too many unstated variables.But if I were to make some assumptions about your question, my own couple of pennies is that if you're smart, driven and persistent (and probably a few other choice adjectives), a beginning investor has a chance of making it work in the Raleigh market.

Depending on when you "place the property into service" you'll get the depreciation benefit that @Chris Seveney was talking about. 

@Chris Seveney thanks I’m aware but I’m looking for specific lenders as most don’t lend on unimproved land.

Quote from @Chris Seveney: @Zac SmithYou can structure it any way you want.Typically there is a GP, LP(s) and debt financing on a CRE dealThe debt financing is a loan from the bank but they will be first position in front of the LP’s but have no equity position.If you are not using debt financing, you could bring on other LP’sThe question that is going to be asked is “what are you bringing to the table?”