I think this arrangement can suit both parties, he wasnt going to be able to keep the house but can still live there for super cheap.

It seems ridiculous, but that's the world we live in now.

We live just outside of city limits and therefore Coconino county. 

basically if anyone has any tips when it comes to researching plots of land in order to make the right purchase i would greatly appreciate it get with a realtor. we underwrite land at no more than 10% of after built value. in our market we build under the average new build value which is about 515k. we like to be around 420-450k and smaller footprint about 1500 sq ft with attached garages. we build close to urban core where everyone wants to live and net migrations match up. but suburban is fine. if you give more context I can help but in most markets land is a buyers market. most people aren't looking at it or buying it. 

Do you live in Wisconsin?

I don't know your living situation but if your paying x,xxx for rent or a mortgage and instead by living in one side and renting out the other you will be paying y,yyy instead and y is less then x that's great, especially if you can rent out your primary residence and make income there too. 

If you're comfortable living where you are, equity in your current property or your savings rate would be the two other ways to get your next one which is going to be much slower.

Ideally we would love to live in my childhood home.

I specialize in creative rental investments such as STR & co-living. 

I’ve been starting my research by seeing what is being bought and what is on the market, and live nearby so would like to check out neighborhoods, but am wondering which neighborhoods I should invest in?