I really underestimated the cost to add it, and in the end learned that comps were 50:50 split on having it verse not.

Sam Craven past 180 days is not illegal in Texas there are just additional qualifications.

Additionally, lenders don't like associations that have one owner with greater than 10% interest - are you paying cash? 

In addition to what Bill E. said, I try to get a good idea of what expenses could come up soon.  

One additional benefit, I have had luck contacting them after a year or 2 and asking if they'd like to settle the note for a discount.

In addition to cash in cash returns and capital gains at sale, I also look at the debt coverage ratio to see if the property can support its debt service in these scenarios.  

My wife plans to partner with me over time and at some point I might look at taking on additional partners. 

Yes, the lots are much more expensive in Cape Coral, although, you can sell your end product for a lot more.

I wrote a blog post last night that may help prompt some additional questions for you to use in your search.https://www.biggerpockets.com/blogs/8756/51616-tru...

Occasionally, you will find private money lenders that require a percentage of profit on the sale, rather than, or in addition to, the other fees and/or interest.Loan terms can also vary, but most private money loans tend to be about 6 months.