Also can look into ground leases.

If you can live with yourself if that happens, great, start lower...it's almost always easier to raise your offer later than it will be to lower it (although there are ways to tie it up quickly with a high offer and then renegotiate the price during the due diligence phase, although that's an entirely different thread...)If you absolutely "must have" this property don't mess around with a super lowball offer and go with something higher.

If you have friends who are going to stay in KC and manage the project, that's one thing but doing it on your own with no boots on the ground is another. 

If you want to create a muddy mess let the water run in the bath tub for weeks until you flood / fill the septic tank and the ground turns soggy.  

I certainly will Nicholas, I just got in contact with a 203K contractor and on Monday we will meet at the property.I will let you know how this first phase of the process turned out.

You may want to check for flood plain issues and possibly have a phase 1 environmental study as well.

I wouldn't call them hot markets unless you're physically here on the ground.

A good broker knows these lot pricing/lot finishing and residual land values cold, if they don't: move on.There are many structures available for phased take downs (for you or the builder), and/or long term escrows/option agreements that are outside the scope of this answer. 

People seem to clean puddles on the ground when there is hard floors rather than carpet so it felt like a solid investment.  

Hi All,Just getting started with the research phase on REI.