Just make sure you know your costs for developing the land - is there access to water/sewer/electricity or will you have to put in a well, septic, and/or run power?  

Certain project types, sizes and property changes require a design professional (Architect or Engineer) to sign and seal plans and may also need to sign-off at construction completion. 

We joked in college as a civil engineer you only need to know sht flows downhill and you cannot push on a rope.

I want to at least get the electric done but hoping to get water and gas too.

As of this writing, the S&P 500 was down a little over 17% year to date, and in the same period, my passive investments have been kicking off 5-7% monthly distributions, one of my passive investments went full cycle in just 14 months producing 80% returns, and I sold my long-term rentals that produced about 20% returns annualized over the past 2-3 years.Bottom line: I’m very glad that I invested heavily over the past 10+ years in the real estate space, and I believe that everyone should have at least a portion of their net worth in the hard, physical assets like real estate.I’m not suggesting that everyone should have over 50% of their net worth tied up in real estate investments like my wife and I, but real estate investments can and should part of your diversification strategy to make sure 100% of your investments are not subject to the volatility of the stock market.I’ve recently started tracking my investment allocations across the following categories: stock market in retirement accounts, personal residence real estate, passive real estate investments, cash and autos (anything with an engine – Yes, that’s a Dave Ramsey’ism).

Water bills are insane here ($220+ for 2 people with minimal outdoor watering), so all in with internet, gas, trash and electricity that's roughly $500 month.

Take the same lesson and apply it to the Hvac, roof, foundation, electrical, etc.  

I have seen buildings that took up a considerable amount of the land leaving little for parking and it worked meaning the design layout of the plans was well thought out by a good Architectural engineer.

Re-insulated all the walls, new drywall, all new electrical, new 200A panel, all new plumbing, new water heater.

You seem to have "engineered" several good systems for REI. :) Thanks again for sharing.