It seems to me that everyone must understand their own risk tolerance and develop and implement a strategy that supports their position.  

I'm looking at a 24 Unit being sold by the local Urban Development.  

Not to pour water on your surveying parade, but I know a lot of civil engineers who are underemployed since subdivision development work ground to a halt several years ago.

The Philadelphia Housing Authority also released a plan recently to acquire a large portion of the Sharswood neighborhood (right next to Brewerytown)  for relocation of their headquarters from Center City and to develop the rest of the space for residential and commerical use. 

Developers of Land And Buildings24.

What future development is coming that way?

No matter how good your coach is, you need to develop yourself too by asking good questions on RE.Joining one or two good RE Investors Association in the city you live in will also improve, and speed up your learning rate.

If there isn't a lot of inventory than Why don't investors, especially in the Los Angeles area run towards developments?

If you can develop a site that has that demand, it will do well. 

Between them, you should be able to develop a clear understanding of how to buy income properties.