Up front, without taking anything about the physical property iteself, I'd want to know:Exactly what liens are on the property and for how much.How much are they behind on their payments.How much time do they have before the place is foreclosed on.Their motivation to do anything about it.You can't lose anything by contacting them!

You probably won't have to go that often, but just in case, you don't want it to be something you resent or physically can't do. 

Hey @Orion Walker great thread you have going here and excellent exercise if nothing else.

Let's say the T/B exercises the option to purchase after 12 months, can I pocket that $3K in the beginning of the lease agreement and then the remaining $97K is financed?

For now, this is an exercise for me to learn how to evaluate these larger properties and learning the more in depth steps.Here's the pro forma: (BP won't allow any HTML Tables so this is ugly, first # is soft, second is monthly rents, and third # is the rent/sqftAutomobile Repair9400 -- 3000 -- 0.32Church14300-- 2000 -- 0.14Jerky25600 --- 3500 -- 0.14Restaurant3127 -- 1750 -- 0.56Listed as Rented buy Google says is Vacant2400 --- 0 -- 0Rock Climbing Venue2000 -- 1200 -- 0.6Smog Shop2600 -- 1500 -- 0.58Gym7000 -- 1300 -- 0.19Vacant11000 -- 0Totals:77427142500.21Calculations:Listed Price$1,710,000.00Listed NOI$171,000.00Listed Cap Rate10.00%DP 30.00% = $513,000.00Financed$1,197,000.00Debt Service @5.5%$95,760.00 (15yr Amortized 30)Cash Flow$75,240.00COC14.67%Debt Service @3.5%$83,790.00 (15yr Amortized 30)Cash Flow$87,210.00COC17.00%A couple things to note:1 - There's a wide swath of Tenant Classes 2 - I am aware of the environmental concerns of the Smog & Automobile businesses. they are on the back side of the property away from the retail in a separate set of steel warehouse buildings.Tagging @J Martin -because he wanted to stay in the loop on this.

I've been doing the hardcore physical labor for about 20 years now, and honestly, I don't think my back will give me many more. 

I would also physically supply all materials at least until you gain more trust in them.Some are willing to work for a daily rate under 200-300 and are very skilled but I would be there to make sure they work a full day.

Thank you in advance guysAbsolutely, there is something to be said about having a physical business card.

Other physical limitations of housing (i.e. capacity of the septic, sewer, or other building systems) 5.

by and large if a parcel of land in any major metro city was on MLS  and did not sell then it was overpriced probably by a lot... or has some other hair on it.IN markets were new construction is viable and hot land deals sell in a matter of hours or days at the most to builders looking for lots.my take on Texas as whole ( not Austin though) is there is so much land that builders and developers have a lot of options and unless you have some sort of infill in a super hot spot  your dealing with a parcels with limited value or desirability or physical constraints for environmental or regulatory impediments.