Glad to see you here on BP.This simple fact is that every market is different and therefore some markets will provide better returns that others in terms of cash-flow, cash-on-cash returns, and appreciation potential.

In terms of seller financing.Jerry W, do you know any banks that would make that deal?

If you don't know how to do this work and you need to hire someone who does...quit thinking in terms of labor since you now need to pay someone for their knowledge and expertise as well as their investment in tools, insurance, licensing, continuing education and alas, some profit.Alternative, learn how and do it yourself to save the money...or is "your" time worth more then $15/hour?

Does anyone have experience owning land near a proposed development in terms of what amount of leverage might be available through public input on redevelopment?

Here's a definition of Functional Utility I found online, but @Jon Holdman explained it well already.The ability of a property or building to be useful and to perform the function for which it is intended according to market tastes and standards; the efficiency of a building's use in terms of architectural style, design and layout, traffic patterns and the size and type of rooms.http://www.accuval.net/insights/glossary/

In terms of approaching them, I just knocked on the door and introduced myself.

I feel this experience could be useful in terms of analyzing deals.

in terms of fees, the expense ratios are minimal (0.5%?)

If you plan to represent retail buyers/sellers, you'll probably want to join a larger brokerage that has good training programs -- but you'll pay for those resources in terms of monthly fees and commissions splits.

Please give a better description of what you have been getting done in terms of renovations, and I'll bet that Steven Hamilton II or Charles Perkins will give you a more exact answer.