It makes a big improvement for not-a-lot of cashola.  

But you can’t just look at the top / elite salespeople and say “I can do that no problem” and bet your income on it.Those top percent really hustle, even have to pay for additional staff to help them, and generally pay for additional advertising and services (eg professional photos, etc)Good luck.

When you are buying a rental that needs updating, you want to make sure you don't over improve it. 

Rent increases and dropping MI would improve the the performance over time. 

Joseph,If the land has not been improved and it is owned in your name, you may have coverage under your personal insurance (Homeowners, Condo, or Renters policy).

I believe (go look it up to be sure) that you must offer the tenant 1 months rent payment or 1 month of free rent at the end of the tenancy in order to terminate, and must terminate in order to 'make substantial improvements'.

Have you contacted the city/county to make sure you can subdivide and that improvements can be tapped and roads accessed?

Flipping you would need all the above and probably have to open a line of credit for improvements.

If it's a larger organization, feel free to inquire about their different staff qualifications.2.

On the other hand, if you are ok with waiting the area will more than likely improve over time, and combined with the cheap prices and outrageously low taxes (just skip grocery shopping for a week) and your holding costs for the year will be next to nothing.If you have any more questions please reach out.Dan Powers - Real Estate Agent