This is a good time to pull all of the elements together and try to get that big picture you need to enter the business with some degree of confidence.

Real estate development, like most projects, begins with a person and an idea.

You may have an idea that it would be profitable to build a certain type of housing in an area you know well, and are looking for ground to build it on.

You may have found a piece of ground that has excellent physical characteristics for development or can be bought for an attractive price, and you want to determine if it is feasible to build.

Both of these approaches are utilized in development.

The next step is to conduct a market study to determine what type of development is in demand.

At the end of the study, you should be able to identify the most popular types of housing, price ranges, absorption rates and what specific market segments you intend to sell to.

The market study will be vital, since it will be used by your professional team to develop the project concept and design and by your lender to determine the financial feasibility of the project.

You can either conduct this study on your own, or you can hire a professional marketing firm.

Once you locate a parcel of land, you will conduct a preliminary feasibility study, a rough examination of the relevant facts to determine if the land is suitable for development.

You will examine zoning, topographical and other physical features, price and terms.

If the parcel is clearly unsuited for development, you should look elsewhere.

Occasionally, you may find that you have time to conduct leisurely a land acquisition study over perhaps two months or more.

More often, however, you will find yourself in competition with others if it is a desirable parcel of land.

Remember the Golden Rule of Real Estate Development: those who control the land make the Golden Rules.

Once your preliminary assessment is completed, you will seek to purchase an option or enter into an agreement of sale to gain control of the land.

You should seek certain contingencies in any agreement, notably receipt of all government approvals and financing.

Not all sellers will accept these conditions.

Under these circumstances, your confidence in the future success of the project will determine if you want to take the risk of buying unconditionally.

Once you control the land, you can take the time to conduct a more detailed assessment of the parcel.

You will conduct a property inventory to determine the exact boundaries and what is on the property.

You are looking for people with good track records in development capable of meeting deadlines and budgets.

In the initial stages, the most important professionals are your lawyer, architect or land planner, engineer and a marketing expert.

Your architect or land planner will develop sketches of the project based on the results of the land acquisition study and market study.

After a decision to develop has been made, you will need to bring in a construction manager or general contractor to estimate costs.