So it's been a few days since I've taken the time to invest in writing on the posts...so for those interested in the numbers on this deal, here goes:The list price was just under $600kMy first offer was accepted at $200kMy two partners and I each invested $20k to purchase the property (1st mortgage)We took a second mortgage of 5-years for the construction (rehab) loan totaling $250kCounty assessed the property at $750kThe fair market appraisal was $450kWe developed a 3-phase rehab of the property which included p-1 to replace parking, repair all roofs above spaces less than 6,000 sq. ft.

Being on the opposite end of the country my advice would be to approach the land owners you have identified and ask if they would like to JV.  

How to identify those markets is another topic.

Your state or city real estate planning committee (each state has a different name like planning and urban development or planning and economic development or city planning commission) has meetings that are free and open to the public. 

I have shared them with the Development team.

Prop yourself up properly, develop a reputation for being on the up and up and this wont happen

In my case I've been doing some driving for dollars and have identified multiple properties that are of high interest. 

There is space for development - Waco can grow east, south, and west.

I'm currently working in the South Bay (Palo Alto, Los Altos, Mountain View, Sunnyvale, etc.) doing brokerage and some development.

Looking to get started in real estate investing and really just trying to develop a strategy right now (i.e. what type of strategy to start with, where to find properties).