If your deal needs rehab work and the value will be increased substantially then a short term loan would be ideal. 

With the time it would take to develop this, I can justify the extra expense it’s just hard to pull the trigger on it.

The lot would be ideal for a modest 1,500 sqft, 3-4 bed/2 bath home.

If you own the land you don't ever have to develop it if you don't want to. 

So here we missed one payment in this example, but our credit report actually shows 3x30 day lates.Like @Harjeet Bhatti said, you're probably cut off from the gov't subsidized Fannie/Freddie stuff for an investment property for a year or so.However if you come across something, and it's such a screaming deal at that price that it still makes sense even with non-ideal financing (remember that if you have to choose between the two, killer price is better than killer rate -- as any successful flipper will attest to), there's a lot of "Alt-A" (once upon a time called "sub prime") that's come out just in the last year that's better than HML.

I have no idea how to find developers that would build luxurious homes in a community like this, and wonder if they'd bend over backwards to pay for Backtaxes, Closing Costs, a wholesalers' assignment fee, and close within 2 months!

If I could put down payments of $10 - $15K on 6-8 homes, that would be ideal.  

We would ideally like to buy a 3 bedroom in SF (have a 4 year old boy and 1 year old girl) but currently, it's too expensive where we'd like to live.

My wife and I have a business plan completely reliant on the aging population here.I would look into unassisted living developments, retirement condo villages, and the areas nearby for my bread and butter.

and secondly would it be ideal time now to make that decision, since the lower unit walls are exposed?