Just wanted to get people's opinions on this. Got an opportunity to purchase a townhouse that is part of a subdivision involving 22 properties on a vacant block of land. I would be purchasing the property at wholesale price around 340k and have been advised that the projected value of the property once built will be around 400k. I have to put down an initial deposit for the land and then pay in total around 50k which will include costs for subdivision, etc. Before building commencing I have a further 25k to fund for building so all up the cash I would have to pay for this project would be 75k. This would be my first property as well. The good thing I felt with this project is the money I pay up front is garunteed to be returned if let's say council doesn't approve the project for whatever reason. Thanks in advantance for your replies.