To be honest, the rehab spooks me a bit as Burlington proper has loads of really old homes (100+ years), so I'm prepping myself for that hit ... but honestly, that's Future Joe's problem.

My main interest is in multifamily homes, but that's mainly because it's easy to see the rent potential in multiplexes ( I mean, that's what they were built for) and haven't developed the eye to see the potential in single family homes.

To your point, Bob, I will be looking to get involved with the board, particularly with all the new development going on around our location. 

Option 1: invest in multi family housing Pro- semi reliable income- cuts cost on my living expenditures -recession proof (can be argued)Cons- high cost start (for me at least)- first time managingOption 2: Buy land and try to negotiate a development deal Pro-huge reward -can be fast- after deal is done right, I'm hands offCon-very risky especially for intro-no expertise in this field -finding a great deal in hardOption 3: wholesalePro-great return-can be fast-not long term Con-hard to find good deals especially with a full time job -can be a nightmare project-no expertise Please correct me if I have messed up with any of my pros/cons.

Hi, I'm very new to residential development.

In order to convert the house into three units it will need at least $ 105k in rehab.I believe a savy investor can turn the current property into three units plus develop the two l0ts and build two duplexes or two single family houses ( arv for the area 2/2 130-140k 3/2 160-185).most houses in the areas are rental properties although is a very convenient area close to all major highways, MLB Statium and 15-20 minute drive to city capital (Atlanta). i would like to wholesale this deal or possibly partner up on the deal..

If so, and you have been give proper notice in accordance with the agreement then you have to leave.  

Great to see that you're developing your knowledge and are focused on paying off your debt.

This should be an interesting development to watch play out.

Considerations: From contract law perspective, House 1 has a severe misunderstanding or deceit involved (“Rent Ready” is not the fact at all), the purchase agreement shouldn’t be valid from the beginning; House 2 wasn’t properly executed, we should have the right to cancel the whole agreement.