For example, you set up key word alerts. http://www.biggerpockets.com/alerts

Caution on speculative developing raw land - - you can get burnt real bad.Suggest a marketing plan and presentation that you use to find that Anchor tenant and get them under contract before breaking ground.I'm sure you know the Anchor is the key here and w/o one, it will all wither and languish. 

I looked at some of his properties but backed away quickly due to the backlog of repairs and lack of paperwork, leases, and keys.  

It won't happen over night but persistence is key.

The market is key, I don't think a 5K pop town is a problem but what's housing like there, is it a tight rental market?

Networking is key to success.Cheers!

Am I missing on any other key deciding factors?

Search some of the key terms that you have in the upper search box! 

I'm not sure what the deadlines are in your county but you should have grounds for a late appeal if the appraisal notice was not delivered to you.

The loan was secured by 2 properties in Chicago.In the closing documents, there's an Escrow Agreement which says the private lending mortgage broker acts as escrow agent for borrower and lender to hold said Quit Claim Deed: (Escrow agent = private lending mortgage broker) with the following terms1.Borrower agrees to deliver to Escrow Agent an executed and notarized Quit Claim Deed running to Lenders for the properties2.