You subtract the land value from the purchase price, then you divide that by 27.5.

He told me he would sell the house and 10 acres for $150k and the lake and 110 acres seperatley for $199k and it's prime hunting, fishing and hiking land.

The exit strategy will be getting whatever you can get for them as there will be no appreciation.Our exit strategy for at least one property is a tree landing on it during a hurricane.You really do need to be a hands on landlord as well.

If buying your land is part of a bigger project than usually there is language you can't tell anyone other than your legal counsel.The developers doesn't want people getting wind of  a project early on because these land investor squatters will try to buy properties up and then tie up the project asking crazy prices for the land.The developer already wants all the land controlled before they submit their site plans for zoning approval.

It is L-shaped and not a colonial like the other home that just sold for 479K.  

I've also considered investing in a more stable market (Kansas City seems to come up a lot on the forums), not an appreciation bet, but seems to be steady cashflow and you could land a couple multi's out there on good mortgages with that equity spread between as down payments, and a pad for rehab/capex.  

I stumbled across a parcel of land that seemed to have potential, and I performed the requisite preliminary market demand and economic feasibility analysis.

She is located in Portsmouth and is having issues with the city with regards to a house that she sold 2010; however, they didn't add the deed to the land in the sale.

The place is in decent shape inside and out, it's been sitting without utilities for over 100 days which is a concern to be evaluated during inspection, if I make it there.

Buying land and constructing looks to be attractive play to me . if real estate corrects by 15-20% then all i am losing is the 15% profit margin assuming i have assessed things accurately .