I provide a service.

The road is not in, the water main not installed, the sewer main and laterals not installed, etc.Just having the engineering done, and the plan approved, adds significant value to the land, and makes it attractive to a developer who now, doesn't have to go through all that work. while in todays day and age yo would need all those approvals to create a paper lot.. back in the olden days paper lots were created by simply drawing them on a map with zero engineering they did survey though.. and there was no thought given to reality of actually building them or providing services.. 

The new people buying are typically not trying to get rich, they expect small cashflow or even breakeven and are in it to offset cost of a 2nd home and/or appreciation over the long term which is solid. 

I recommend they call a rooter service to have lines snaked.

As the borrower, you will typical pay these.One benefit is that a good HML will have local experience and be able to evaluate and confirm you have a good deal that protects everyone.

Typically the max loan that I have been able to get for clients on land acquisition has been 40-50% LTC.

Typically guys who want to be paid for "coaching".

Realtors can compete on commissions, or even offer a flat fee transactional rate for service. 

I currently manage the property so, I know that the operating expenses amount to $67,204 annually.I've done some research and found that the cap rate in our area typically falls between 7-8%.

Ultimately, it all boils down to you—your experience, your availability, and your ability to handle multiple tenants, units, and issues (trust me, they'll all come knocking).Typically, for beginners, anything beyond a duplex can be overwhelming.