Another thing to keep in mind when building in Maryland, if you plan to disturb more than 5000 sf of land during construction, by Maryland law, you're going to need an approved site development plan, which may require erosion and sediment control, etc.

I'm thinking the downside is that it's a pretty slow way to accumulate capital for additional properties but since I don't own properties yet I'm probably going to need collateral for loans right?

In any Landlord-Tenant relationship the Landlord sets the "Tone".

At some point I hope to need the sledge hammer, and my attorney will help me know when that is, but right now isn't it.

@angelicaThanks for the warm welcome :) I did look into becoming a real estate broker/agent but after talking with several firms I realized that I was going to need more money saved to sustain me if I was going to go without possible income for a while.

You said "you would hesitate" to do it, but I think from the tone of the rest of your post you meant you WOULDN't hesitate.  

Pete:Ours will fluctuate depending on whether we are shopping or not ... or, more correctly, whether we are finding anything worth purchasing when shopping.However, after an acquisition spree - and taking advantage of a little forced appreciation - we try to work the portfolio LTV back down 50% (or less) ... while keeping the equity easily accessible if we were to need it.

Your going to need more than just an overall base of understanding if your trying to wholesale properties...There is a lot more to learn then just contracts. 

You are most likely going to need a civil to design the parking lot, storm water management, exterior utility plan, sediment and erosion control plan, etc. 

Though, for step #1 properties that tend to need a lot of rehab generally don't qualify for conventional financing.