As long as you are permitted to divide the land into the parcels sized as you imagine you won't have any problems.As a clever strategy if you are permitted by your local government to divide the land, locate a builder and ask him to partner in new construction. 

Build your line of non-recourse funding to the point where you can use it to buy something substantial like an apartment complex or strip center without the need to get an approval from the bank.

I would essentially be renting it at cost, with an extremely small to non existent profit margin especially since whatever money I would make after mortgage and HOA was paid, would have to be rolled into an emergency fund for the condo in case and when something will inevitably need to be fixed.

There is certainly more work to do when buying non-performing notes when compared to performers.

Many time when you show up in person, it not only help build relationship but they also waive the fines, after all they are doing their best for their residents by accepting non paying job and trust me it is lots of work and time they all allocate.

We bought a nearby property and moved out.We're now trying to sell the property, but with close to $100k in non-house improvements (well, electric service, house pad, barn/workshop, fencing, etc.) it's a tough deal for a traditional lender to process.

That's a huge Capex expense I don't have to worry about for a while now.Since I closed I have been working nearly non-stop after my day job on the property.

Asbestos siding is a non issue , you can paint it , put vinyl over it , or pay a lot of money to have it removed .  

I'm aware that HOA's along with surprise assessments can kill margins and not all complexes allow non owner occupancies, but with all that in mind, I want to hear a little bit about markets these type of apartment complexes are thriving in.Keywords: Fresno, Sacramento, Arizona, New Mexico, Texas, Las Vegas, FloridaThank you in advance for the feedback!

Thank you for such a wonderful non judgement reply  that is excellent advice .