Micheal,
Thanks for your response,
As your website avocates:

“Now YOU can become a property developer and make handsome profits. You don’t have to be a millionaire or a hands-on developer to do it.

The smart money is at the wholesale end of the property market. Why buy retail when there is little margin for error or profit?

Metropole Projects, Melbourne’s premier property development consultancy, will help you acquire investment properties that safely outperform the market by up to 47%; because we show you how to buy your properties “wholesale” like the professionals do. We specialise in helping investors create their investment developments.

The reason more people don’t become property developers is because they believe they have neither the know-how, time or money.

That’s where Metropole can help you.

Metropole organises everything, regardless of whether you want one or multiple town houses. Metropole takes the worry out of the investment by assisting you with all the development expertise needed…… from concept to completion.

One of the smartest ways to invest your money these days is in property.

Why buy retail?

With risk of appearing exceptionally niave or a complete fool. I have researched the risks of my proposed development. That is why I am asking about any recommendations of a great book. Not only am I an avid reader I didn’t want to miss anything that I hadn’t already thought of how to cover myself should a “what if” arise.
The venture I am considering is very smalll which I am sure that the “big boys” would not be interested in.
I have found a number of blocks for $40,000 in an area that is currently experiencing residential growth in the form of new subdivisions in a major rural industrial town. A bypass is soon to be constructed.
As I recognise that I am not experienced in Commercial Development I would have this small development project managed to minimise risk. I would only be building 2 light industrial sheds that allowing a 20% margin for cost blowout would still be cash flow positive even if I had to consider selling one unit (perhaps to borrow for the next development) would still be a positive cash flow producing investment.
Due to the reduced outgoings(ongoing expenses) that residential property accrues one might suggest that certain aspects of commercial property are less of a risk than residential.
I will be the first to admit that I do not have all the “knowhow” but like all forms of investment I admit that their is a risk, but is getting in a car.
I would prefere to follow a risk that I am passionate in than lose interest in one that I am not.
Thank you for your warning which I will admit has dampened my enthusiasm (for a minute) but will continue to investigate none the less.
The other option I was considering was a lease industrial unit for $175K with a weekly rental of $320 per week. But as your website says “why buy retail?”