If the project is not entitled and shovel ready you are looking at pre-development bridge money.

I gave it to them a bit below market, and further discounted it because he's going to take care of the shoveling & lawn at this property.

Grab a shovel.

To me, if it meets my COC ROI, I'm looking at cash-flow per structure, and since mine are small, I need more per unit to protect against a new roof, a bad winter of plowing/shoveling/damage, or other bad surprises. 

Part of that extra care often means the tenant will take care of maintenance like shoveling the driveway, raking the leaves, and mowing the lawn.

Suggestion, see what the value would be to make shovel ready and weigh out if this is cost benefit depending on your approvals by right or by variance.If you need any assistance, let me know if you have any questions.Regards,Joe Scorese

I have to dig out the crawl space to get more room to work , that will be about 5 hours of backhoe reaching in and a shovel .

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.NOTE: contracts not based on substantial consider,otherwise employed to permit an unlicensed person.....this means most of the unlicensed brokers in FL are indeed violating FL law. 

HOwever to do that I put up big EM to tie up the seller and I Pay all the cost to get the plat approved and shovel ready then sell to builders.usually a project like this would cost 50 to 100k to get it ready to be sold.builders or developer are not going to pay you some kind of fee generally speaking they just waite you out and buy it themselves.  

But if you can't refi out you will be shoveling money to your cards and the unsecured loan which defeats the purpose of real estate investing.