I am currently developing raw land as ready to build sites.

I am now looking at getting a second within 3 months and third home within the year.The second home will be out of state and will be used to help family, while also investing in a developing small town.

I originally was under the impression that I had a zoning that would allow for developing more units, up to 6 more units.

.#4 Compile Your Prices into a Spreadsheet or Estimating SoftwareOnce you start to get a better understanding of Labor and Material costs you will want to store this data into a spreadsheet or software that you can use to help you streamline the estimating process.The Book on Estimating Rehab Costs comes with a spreadsheet that you can use to help you populate your own database of labor pricing and material pricing.

The area doesn't seem to have much development and growth, so I'm trying to figure out exit strategies.

You have the constraints of the land, the county or city development guidelines, and what a potential tenant desires for their ideal layout.Premium tenants tend to say no thanks to weird shaped sites unless it is an amazing area with nothing else available.

There's been a lot of commercial development (new chain restaurants and strip mall improvements), but it still has some rough blocks.

I would reiterate the point Nathan made in regard to developing a plan to have capital in the deal, no money down or tying up all of your money up in equity is typically not a good play.

I would like to develop a report for the appraiser noting the improvements and providing local comps.

There are 3 different approaches to exchanging funds, so you will want to develop a strategy around your risk appetite and financial goals.