Does that operational aspect have to devour all cash-flow, no not necessarily but it could, all depending on situation specifics right. 

Networking, local meetups, door knocking, mailers, wholesalers, online forums specific to your area of interest.  

There are a lot of site-specific issues you need to investigate before deciding what the land is worth to you.

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

Is it simply that I find the average sales price of a 5 acre tract of land within a specific radius of my property in the year that I inherited it?

Consult you insurance broker for specifics but I found this policy to be very protective and reasonably priced.With regards to an umbrella policy they are typically good to have.  

Would you share 3 specific things I should do during my "training period" (if it includes a book, which one)?

I am just starting out with a STR and found that VRBO is not very specific if they are collecting the tax and paying it to the State as a marketplace facilitator or am I responsible for this tax collection and payment ?

@Aishan Gonaduwage what specifically have you read, and how OLD was it, about Detroit being on the decline?

You need to provide a bit more specifics about the property, about the insights you want, etc.