So I would make sure you keep your eyes open for pitfalls when absorbing other peoples teachings/wisdom, even mine, or especially mine :)  Go do your own homework, find other opinions and weight their ideas by their merit.

Finally, I highly recommend that you visit some local real estate investors meetings in the areas you are interested in… talk to the people doing deals there and you will gain great insight into what’s happing and what type of deals are getting done ✔️ Hopefully you find this helpful and I look forward to your message!

What is the cost to build, and what is the value of the small lot with a completed build worth (Z)Value= X+YValue =X+ZIf X covers your cost after the rehab and you pick up Y for nothing and can build and sell for a gain that is a win. 

This would be my first house which is why I'm considering purchasing a bit more of a fixer upper so I have the chance to build some equity and gain some knowledge in the process. 

It's important to understand average cap rates in any given area, but from there one needs to dig in and add your financing variables, appreciation, and depreciation (tax gain or loss) to get to a more accurate ROI.And yes, never take the seller's cap rate as truth.... do your own math.

I'm HIGHLY interested in gaining passive Income Via Rentals.

@Bryce DeHaan My best advice is to start small and build yourself a portfolio and gain some experience.

Wanted to gain some experience and understanding at a scale I think I can handle at this point.

I find myself gaining lots of knowledge in the space through reading books and of course listening to the BP podcast!

If so, what did you gain from it.