Advice for an Aspiring Real Estate Developer

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Hello All

I have been a licensed real estate agent for a year and a half now. 

About a year into it, I realized that I did not care for the sales side of the industry so I switched my license to referral status. 
In my area (Northern Virginia), I’ve noticed a lot of tear-downs being replaced by $1M+ Spec Homes. 

At first, I thought they were national home builders, but it turns out that small ‘Mom and Pop’ investors are behind most of these projects. 

I plan on getting started in the industry as a passive investor while an experienced GC/ Builder handles the day-to-day while I observe. 

After a few completed projects, I plan on developing myself. 

Is there any advice from experienced Spec Home Developers who have been in this industry long enough to see the good, the bad, and the ugly to share with an aspiring newbie like me?

I look forward to your responses.