What are the steps in a real estate acquisition + development deal? Offer -> Sale?

Can someone who's in either (looking for two answers) post the necessary steps you'd ask for in a simple value-add acquisition deal? How about the basic, high level development process from buying raw land -> sale of a completed apartment complex?

I'm mainly looking for insight into the difference between soft deposit / hard deposit and if those come in before or after the DD period. I am under the impression an acquisition process looks similar to;

1) Send a simple LOI to the seller indicating potential purchase price and terms (what is included in an LOI?) 2) Negotiate terms of the contract with seller 3) Come to an agreement, put up a hard deposit and begin 60 day (or otherwise noted) DD period 4) At the end of the DD period, full payment is required within 10 days (or otherwise noted) 5) Close on property?

Is this correct or does hard deposit come after DD period and a soft deposit comes into play?