Here's an academic article done by UC Berkeley that explains the impact 2008 had on California and how long it took to get back to pre-recession levels.

Quite frankly, stopping companies from scanning my credit report for pre-approvals was not a priority in terms of impacting my score positively which has been my main priority.

Hi Kenneth,Know the culture and ways of your intended customers and decide if you want to do the effort for the cash flow you can get.If you can handle the steam (or have a proven results good property manager that can) in that area you can potentially pocket a good amount of cash.If you don't know what you are doing down there, (or how to handle the situations you will face) you're probably going to be unhappy.Good Luck! 

@Jake ReindersWholesaling is a great way to get in since you have very limited risks and if you can assign the contracts to your buyer list quickly, a recession will not really impact you.

What are the permit fees, impact fees etc.You definitely do not want to use hard money for a project like this the interest cost will eat your profits very quickly.

@Dan Heuschele - This is an incredible invasive change and will have a large impact on many communities.

I don't really know the negative impacts on the property of growing it, but I would be concerned if he was using the property as his store front also. 

@Tyler Austin Primarily the splits, culture and broker.

For me, I want choice on how I spend my time and create an impact where I can help others do the same. 

Once you think there is, the lack of that priority on the other two will negatively impact the one you think is most important.