They also don't know what happens after inspection, well and septic test etc and are often extremely difficult to deal with.

I have started soil tests on 12 lots costing me a total of $5340 for the permits.

Quote from @Eric Mcginn: Long time BRRRer here, planning on leaving my W2 soon to pursue flips (and raise my babies)   Ive read the BP book on flipping.

I also raised rents this summer. 

If they pass the personal smell test, I go to step 2.2.

Due Diligence and Feasibility Studies - What studies or tests are essential before purchasing raw land?

Biggest thing IMO is getting close to the train station and have a high quality units that may not look attractive on paper the first few years but will have the ability to raise rents consistently long term. 

Temple now attracts students from more affluent backgrounds in the Philadelphia suburbs (kudo's to the school for raising it's academic reputation).

That being said, I'm part of an experienced Syndication Group who invests not only in Multifamily, but also different asset classes:  Self Storage, Mobile Home Park, RV Park, and Retail - all to diversify the investment offerings.Reach out, and the next time we have an LP capital raise, I will send you the OM (and obviously info on our company) to review.

And then add a sluggish market where they can't raise rents to compensate......