I'm in area that has a huge summer season (Lewes, Rehoboth, Dewey Beach DE). 

I have advised many others through the process - there's some tax consequences you should be aware of.

@Kyle Falkenstein huge fan of lvp.

I am looking for a land to purchase and go thru the process of building townhomes/SFH  .

@Taylor Dasch I just bought my 1st rental and in process renting it out.

This is particularly important if the buyer plans to change the property's use or develop it further.HOA (Homeowners Association) Documents: If the property is part of a homeowners association, include the HOA documents, fees, and any restrictions.Right of First Refusal or Buyback Clauses: These clauses can be beneficial in certain scenarios, allowing either the buyer to sell the property back to the seller under specific conditions or the seller to have the first opportunity to buy back the property if the buyer decides to sell.Amendment or Modification Clause: This clause allows for changes to the agreement, should both parties agree, to accommodate unforeseen circumstances or adjustments in terms.Record Keeping and Escrow Services for Document and Payment Handling: Ensure there's a clear plan for how documents will be stored and how payments will be processed and recorded.

The main lesson I learned through this process was I attempted to turn the home into a full short term rental and was unsuccessful because I had not done proper research.

This allows you to focus on TLC/Rehab deals where you can renovate and profit on the ARV to again pull cash out and repat the REI purchase process.

If you are interested in being the lender for investors BP has a book Lend to Live - that talks about this process and how to do it.

I had a huge remodel, and when I finished I sat down with the customer to go over the job.