@Joe E.My specialty is self directed retirement accounts, not financing.

My main interest is in multifamily homes, but that's mainly because it's easy to see the rent potential in multiplexes ( I mean, that's what they were built for) and haven't developed the eye to see the potential in single family homes.

To your point, Bob, I will be looking to get involved with the board, particularly with all the new development going on around our location. 

Option 1: invest in multi family housing Pro- semi reliable income- cuts cost on my living expenditures -recession proof (can be argued)Cons- high cost start (for me at least)- first time managingOption 2: Buy land and try to negotiate a development deal Pro-huge reward -can be fast- after deal is done right, I'm hands offCon-very risky especially for intro-no expertise in this field -finding a great deal in hardOption 3: wholesalePro-great return-can be fast-not long term Con-hard to find good deals especially with a full time job -can be a nightmare project-no expertise Please correct me if I have messed up with any of my pros/cons.

Hi, I'm very new to residential development.

In order to convert the house into three units it will need at least $ 105k in rehab.I believe a savy investor can turn the current property into three units plus develop the two l0ts and build two duplexes or two single family houses ( arv for the area 2/2 130-140k 3/2 160-185).most houses in the areas are rental properties although is a very convenient area close to all major highways, MLB Statium and 15-20 minute drive to city capital (Atlanta). i would like to wholesale this deal or possibly partner up on the deal..

@Alshan San I do self manage and do semi annual walkthroughs of my properties.

3) Consider converting any retirement funds you have into self-directed funds so you can purchase real estate with them.  4) Let me (or another agent) help you find, negotiate, and purchase a property that has good rental numbers.

Its not hard to get the exact taxes, PMI, historical utilities, etc. for a property. leave another 10% capex, 5% vacancy, 10% management costs (even if you self manage)1% rule is just a very broad way to value something.

I would recommend listening to the following Podcasts (one on SFR and one on MFR):https://www.biggerpockets.com/renewsblog/2015/12/1...https://www.biggerpockets.com/renewsblog/2014/03/1...3) Personally, I can't really speak to this because I self-manage.