Also remember Warren Buffett's observation that risk comes from not knowing what you are doing.

At the risk of sounding stupid what is the secondary market?

@Nidhi SinghMy risk tolerance level would say, yes, get some experience before doing that.Things inevitably go unexpected and what do new people often do when things go unexpectedly? 

Cap rate is reflective of the risk of the asset, assuming it is in performing condition.

You've successfully transferred most of the risk factors off to your Lender (because, you'd have none of your own money left in each deal, and, you'd still be be making money out of those "free" deals as well)!

I'm neither a lawyer nor an accountant, but I recommend Googling "closely held corporation" and then asking your tax accountant how, if any, the proposed idea might impact your overall tax situation (https://www.irs.gov/faqs/small-business-self-employed-other-business/entities/entities-5: A closely held corporation is subject to additional limitations in the tax treatment of items such as passive activity losses, at-risk rules, and compensation paid to corporate officers.).I've read that when two closely held corporations owned by the same small group of shareholders do business with each other, the IRS sees a red flag because some people try using this approach to evade taxes.From my readings of personal finance articles, this additional scrutiny is based on whether there is an "arms length" between the two parties in a transaction. 

You or your general contractor needs to get a builders risk policy

The more risk generally the higher the CAP rate is.

some of the biggest wealth in the US is generated by path of progress land plays usually the farmer seller to the developer.but I will give you a few of my personal land plays.1. 3.5 acres Rohnert Park CA.. when I bought it in early 90s it was unbuildable.. but it sat behind a home depot and I took a calculated risk.. now its been annexed into the city and zoned mixed use residential and sites right next to the Graton casino they built a few years ago..

When it comes to where to invest, there are good deals everywhere, just depends on your budget and risk tolerance.