Can you reach out to some area builders and see if they are looking for vacant, buildable lots in that area?

For flips get a Builders risk policy.By the way, I have been in this business for 11 years.

Details: Location: Tulare, Ca (Central Valley in CA)Single family home3 beds (Loft/4th bedroom optional), 2.5 baths, 2 car garage, 2,400 sqft Lot: 8,282 sqftbuilt in 2008 (model home)we purchased late 2008 from builder/ownerbrand new schools K-12th in walking distanceFinance details: Wells Fargo lender - FHA Loanpurchased for $225,506, Fixed rate 4.25% 30 yrmonthly mortgage $1605.

I'm not a builder, but that $55 per sf seems very low.

Then you have purchase closing costs, the interest you pay on the $155K loan while you hold it, insurance (builders risk, not homeowners), utilities, etc.  

Furthermore ... after a bit of complaining ... he said the builder would eat the owner's title policy fee.  

Most spec builders, developers and major commercial/apartment players I know don't blink an eye at personal guarantees and continue to push their chips "all in" on a regular basis.  

The new construction indicates good economic signs but isn't a guarantee because the builder might have misread the market. 

I am currently am a owner in a company that improves around 1,500 lots a year for all of the major home builders in Utah.

Our newly developed neighborhood is on the brink of taking over from the builders.