#9. Offer a little more than the property is worth. Because you really want it and the sellers will sit on it. (if it's an estate that was left to a family member, they can screw the attorneys and funeral home and not pay the property taxes or utilities - they'll just let the property sit, until they get what they want out of it.)
#8. Buy something nobody else wants. Because nobody has your vision!
#7. Listen to the Realtor selling the property. Don't get a buyer's agent. You can look out for your own interests. HA.
#6. Listen to the mean old contractor who tells you to "calm down" and asks you how much money you've got to spend. And then when he blows you off for a few weeks, cry and wonder if all men just hate you.
#5. Don't check the property for asbestos before demolition. Again, roll the dice.
#4. Assume that sewer lines built in the 1930s are intact. Better yet -- don't think about this at all.
#3. Take your equity out of your more valuable property and sink it into something that has no current value. But it WILL WHEN YOUR VISION IS COMPLETE!
#2. Tell your kids they can't have new shoes this year because you're building a beach tower. If the building department will allow it.
#1. Don't think about the fact that if you'd just waited a year or two and saved up first, you could be lounging in a foreclosed beach-front condo already, with no more stress.
(Even if you didn't want one of those condos. Clearly you don't know what's good for you anyway.)