I have found considerable success over the years from buying property with a problem and solving that problem (see also the Steep is Cheap & Solve Problems for Gain  projects). This applies to difficult blocks of land, step, rocky or a complicated easement. However, I have seen some problems that are unsolvable, so please be sure you have the solution first before using this value add approach. In the early to mid ‘90s there was still some pain in the market. Sales volumes were low and if you bought land to build and then changed your mind or couldn’t work out a budget suitable solution, it wasn’t easy to resell. Sadly, for the owner of this site, I found out about it through a banks receivership selling agent. Tricky, but not impossible; my smartest move was going to see a builder who had some expertise in steep sites but also possessed a mind for cost suitable engineering solutions. The result was a four bed, two bath home on stilts, but only partially built into the site about half way up. This meant it protruded from the slope, which allowed a mild cut and fill, giving us car accommodation. I have used this same approach on many step sites since to great effect. On completion we retained the home for over 10 years, selling it for almost three times its original cost. So, project cost >$600,000, holding & exit costs <$50,000, exit income $650,000 (approx.)