With your " ..." regarding FL are you referring to the slow market or something else? 

where in FL are you looking? 

We’ve got six shovel-ready lots in an upscale neighborhood, just a quick bike ride to town.Builder’s lined up, and I’m working on securing capital partners/lenders (open to recs if you’ve got any!).

Each municipality is different but you should be verifying the steps needed to get the this parcel shovel ready and consider that an insurance policy. 

We've been mostly sourcing off-market paper lots , entitled lots, shovel ready lots and large tracts of land .

It is really important not to bite off more than we can chew especially for those of us either later in life, without a big shovel of non-RE income or with health considerations. 

Emerging markets like Jersey City, NJ, Red River Gorge, KY, and Ocala, FL, are seeing demand growth outpace new supply, creating incredible opportunities for new investors.

Strategies in FL are getting very interesting given the changes to how property tax reassessments are handled when transferring a property to an LLC.

But bottom line not sure RTR or the buyers or anyone else did a deep historical dive into how that area was developed and understood the massive supply of shovel ready lots..

I know its contrarian to the SOP on BP  for investors who rely on their calculator to decide return and then use that to decide to max leverage.As for the spec building this is just a replay of 08 time frame.. you simply cannot have thousands if not hundred thousands vacant lots  that are shovel ready and sustain values like other cities were buildable lots are scarce or new builds have to go on newly created developments that take years to put together and have to be built to todays standards as opposed to Lehigh that was built to 40s and 50s standards which were NO standards just carve stright roads out of the swamp allow well and septic on each lot and off you go.