I would have to investigate the area to make sure it is zoned for what you want to build, make sure that there are no problems with soil and researching the geographic area to give you statistics on what you can expect to profit on your project.

I'll have to calculate what the profit will be after the extra holding costs and see if it's still a good deal.

I'll be honest though - it was a learning experience and knowing what I know now, if it's as desirable and area as you say it is I would probably sell for some profit to reinvest and get better cashflow elsewhere.

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Those that don't, PROFIT LARGE.

If you read the FHA definition of flipping, you will see the part of "considerable profit" and "inflated values" but we all know that REO sees neither of these.

This law requires a license; $100,000 bond; the use of a specific contract with a 5 day rescission right; you must give the consumer a list of non profit companies that offer credit counseling (many non-profits offer similar services for free, or at least assist the borrower in doing it themselves for free); you can’t accept any money from the consumer until you have completed all the services you promised you would do; and you have to complete all services within 6 months from the date of the contract.

A prospective Lease-to Purchase was lined up to occupy the home and cover the mortgage payments in many variations of this scheme a portion of the kick back money was supposed to "protect the Investor" some of the bolder operators actually marketed this a a second chance opportunity for the cash rich and credit poor (People with income that was "difficult" to document) The rapidly appreciating markets allowed for substantial "equity spreads" the source of the "kick back money." i.e the FMV is 100K the seller has 45K into the property and would be happy with netting 18K profit, the change goes to paying all the closing costs and a gratuity to the buyer.

I much perfer to be conservative rather than gamble.

Of course the same house in Ohio is worth less than in California - the weather is different, the pay scale is different, the amount of available land is different, and on and on.I would pay $500k in a heartbeat if a house in my neighborhood was available for that and turn a big profit in short order.