Another thing to keep in mind is that some places require the plot of land to be a certain size if you want to convert to a duplex.  

Haven't had the pleasure of landing any deals up there though.

Here in South Carolina, before having a "meaningful conversation" about real estate with a prospective client, agents are required to first.....Hand out a copy of the SC Agency Disclosure Brochure Discuss the various "forms of agency" offered to customers and clients.Failure to do so can potentially land the agent and agency in hot water due to an Ethics violation. 

Hell, the land value has to be about that, if not a bit more.  

They specifically discuss just how much of a magic wand the letters L, L, and C are (& aren't). 

what is the difference between buying turnkey and buying excellent shape retail SFH just off the MLS?

I got a call from a mailing I did in a really nice area. She has the property listed for 1.2 million with 5.5 acres. I just talked to someone else who knows some builders. Is there a way I can wholesale this property ...

My question for everyone:IF you loved the information in those forms and felt that they covered your land lording concerns, would you be adamant  on using those forms and pay for a lawyer to review and make sure they are legal per state guidelines?

(Sometimes below the value of the raw land)  In these situations where the problems are blatant and easily fixable, you need to dip a little into your upside to find some middle ground.  

If it's a franchise model I would get the corporation to be on the hook and take over if she fails.If you are buying for 500,000 the building for example and putting down 200,000 then your risk for the dirt and land value isn't that high if you are worth 1 million or more.