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..

My strategy is to use FHA financing to allow me to put down 3.5% to basically get me in the game, live in one unit for 12 months, and get out of there to rent out the fourth unit.

My strategy is to use FHA financing to allow me to put down 3.5% to basically get me in the game, live in one unit for 12 months, and get out of there to rent out the fourth unit.

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.

It's a different ball game if 25-30k is playing money.

I don't know of any way to verify he isn't playing games if he is smart about it.