I appreciate the encouragement to bring a historical perspective to the conversation. 

I haven’t seen or started the application yet but i was wondering if anyone has gone through this or from a lenders perspective on any tips to maximize the amount I would get

But my second answer is that if you are able to “go it alone” from a directional control perspective you will be much happier, and can operate lean where there is no counter arguments to be had with a partner.  

For property tax reasons, these lots were tax assessed at no less than $5,000.To put this in perspective in today’s dollars (this was 40+ years ago) he would have paid maybe $500 for a tract of land tax value of $35,000.  

There's probably no "do this" and it works for everyone so keep gathering different opinions.The way I view a "good deal" might be different than how you view a "good deal"...so let's look at it from an "average" person's perspective.  

Looking at the city from an investor's perspective, @Becca F. is absolutely right, you need to make sure you're buying in the right neighborhood.

Your wife's perspective is no inaccurate, it seems you are both looking at things from different ends of the spectrum which is great!

Account Closedi am happy to share some perspective.  

Alec,From an Insurance perspective, ask the current owner to get from their agent "Loss Runs" for the past 5 years.  

I do understand everyone's perspective.