I was wondering if someone has some kind of step by step guide or like a excel template for steps to follow...I have a general idea of steps but honestly I can use all the help i can get.  

If this is still the case, then for a multi-plex property, all the rehab funds from the 203k must be spent on the unit you will physically occupy.  

My opinion: do the least amount of physical work possible (leave that to others with that expertise), hire good land planner/architect/civil engineer team and you do the design/land planning (find out what lot size is best from builder/brokers), get the subdivision map approved (that's the document approved by local city/municipality that approves the single lot be divided into many smaller lots), sell the land+map to builder.

Hi@Allan Glass, This is excellent idea as long as you can fill the space with people in particular field.Having same business interest can create very good community...As this thread started 5 month back, Have you started any site..?

I have been finding some really great deals with excellent profit margins.

Vivek and David are right that your physical distance and unfamiliarity with the area add significant risk to your investment.  

You are really going to have to be on your toes to excel there.

Gave you excellent advice and I would follow his tips.Good luck on your rental.

(Market value $440k) We have excellent tenants in the home that pay $2k a month and want to extend their lease.

@ Bryan PottsA - Play Monopoly, learn Excel, Learn Algebra II, ..., B - Follow the 2 Rules of REI:        Rule #1 - Never under ANY circumstances, ever, for any reason, spend your own cash.