Questions about developing a neighborhood
My father has approximately 11 acres in Texas that he'd like to develop.   He wants to purchase an additional 5 acres that neighbor the property.  He intends to put in a road, and sell lots. He may also build houses on spec and sell them. The idea isn't bad, but I feel like his business plan and finance isn't sound.

Can anyone with some experience answer a few questions for me:

1)  What are some typical costs I can expect?  How much would it cost for a road with curb (with or w/o sidewalk)?

2) What type of debt financing is available for this sort of project?  I intend to raise some equity .  The value of the land is approx $400k which he already owns (I think with 80k loan against it).

3)  If I raise equity for a deal, what sort of return is expected in these deals.  I know a bit about rental real estate, but I imagine that this is riskier and higher returns are expected.  What sort of IRR and ROI will I have to offer?  How much is too much in terms of equity, considering he will not have any capital in the project other than his land, the survey, and legal work he has already done.

Any other advice or tips is greatly appreciated.
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