5-8 years ago, you could pick up these lots because developers went out of business before completing the subdivision, but these days, if a developer isn't developing a particular lot, there's probably additional reasons (didn't perc, slope/shape is bad, utilities are tricky, etc).

My wife and I are on our 3rd homeowner occupied flip house and do the majority of the work ourselves.After 5 years of living in a construction zone, we too are starting to look to complete a cash-out refi on our current house in order to purchase our next house and a rental over the next 6 months.  

I'm completely lost.  

That project may have been a bit more than we were completely prepared for, but we're doing the work ourselves and will have a great equity return as well as good income.  

All of that simply depends upon how many people are buying me houses and that I pick the right ones that cash flow at least $300-400 per month!

@Darius Moezinia Refinance right after the completion of a 1031 is perfectly acceptable and is a frequently used strategy when cash is desired by the exchangor who does not want to create a taxable boot situation by taking cash or be seen as inappropriately accessing profit by a refinance immediately before a sale that begins a 1031.

If you negotiate a good enough deal that pays you then complete the transaction with the investor to buy the house you have under contract.

I noticed across literally across the street was a completely vacant house, with a boarded up front door and windows covered in blinds, shades, and newspapers.I did a quick parcel search in my county and found the owner lives not too too far away.

There is never that ah ha moment where you realize that you made it because you are simply too busy.  

Yes, it's time intensive which is why it's so worth your time to pay someone to do it for you.What I'm learning while doing it, though, is priceless.It would seem to me, though, that if you want to stay in your area you can find properties simply by driving around a different area every week (or day, depending on your time investment).