Very few, if any, shall in fact make it that far.When an audit ends badly, a taxpayer can sue in Tax Court. 97% (or so) of the cases that go to Tax Court settle – and in the vast majority of cases, the settlement favors the taxpayer.

And I realize there are some major forces at play in massive development projects that are the basis for these stats of less apartments. 

At least until you have the property inspected to determine the current condition and life expectancy of all major components and appliances.  

@Neil Quinn You should be able to get conventional loan programs that only require 3-5% down in most major MSAs.

Getting people to 180 their norms and thinking by explaining the benefits is not something they are going to reverse without major mental hurdles to jump .

Any major flaws or things to consider?

I am putting together a comprehensive package for developers that shows the potential for both commercial retail (since most major grocery stores, restaurants, mall, Hospital, attractions are 12 to 21 miles away (the airport is 6 or 7 miles away) and subdivision as the land has plenty of frontage and is on county water.   

I'd do a majority of your learning through books or podcasts and network with people off BP before any meet-ups - unless you know someone and trust them.

I want to take a year to have relationships ready, raise my familiarity with the process, and learn what not to buy before I start making deals.Any major flaw to this in Albuquerques market?

Before people jump on me with 'if you do it, you've got to do it right' comments - sometimes you need to juggle your funds and do enough to make it safe and then deal with major replacements when you are getting ready to sell and when property values may have gone up 30%.