New Urban Development, Houston

Houston’s urban and near urban new home construction market is very profitable currently. A local RE investor can, with a little time “on the streets”, build a spec home and not help but make money. It is much harder for an RE investor from out of the area to do all the leg work, put the project together and see it through to the sale.
I have spent the last several years helping out of state investors buy and sell property in Houston, now I am ready to do some small development projects.
I have a very strong back ground in not only RE, but development and construction and Financial Planning. I am currently putting together some projects aimed directly at using qualified money (IRA,401k etc) and resulting in a strong short term gain.
If anybody has done projects like this I would greatly appreciate their input.