Also in Jersey and there was a thread that included @Jillian Sidoti and my lawyer @Jessica Zolotorofe that seemed to generally conclude about 10 is the reasonable limit you can look at before you really start to push your risks in terms of regulations. 20 people just in and of itself is a lot to get to agree to and be content with the terms of any agreement.

Once you have your investing criteria established, you’ll have less concerns and reservations about your next steps with any asset because now, your criteria supports your why.

That low rent just established a property he will have a hard time selling now. 

I think that there is a lot to unpack here, so I’ll try to do my best to address your questions.

The appraised value must reflect the entire 40–acre parcel.So, I interpret that as subdivide before establishing financing.

@Thomas BullockThere's a lot to unpack here. 

I have a lot to learn and am broadly approaching it in two steps: 1.

Second, I would establish as-is value and “After Repair Value” (ARV) by asking 4 or 5 real estate agents to give you both numbers.Third, I would use “THEBLUEBOOK.COM” and get 4 to 5 suitable contractors to give you complete renovation bids.Fourth, I would go to local Real Estate Investment Clubs (You can find them on internet) and talk to flippers.

That's a lot to ask of a complete stranger!

I’d like to focus on SFH and Duplexes, my goal is to establish a good portfolio within SC.