In 2019, I purchased my first investment property with the intent to buy and hold.

Not stating the Averys are intentionally doing this, they may simply be stating an opinion without the associated experience   Good luck

In general Land purchases very much depend on the end goal and end use you have in mind, then once you have that defined there will be various DD items to complete depending on that use and your intent to develop, hold, or sell it. 

Lease-to-Own Options: Some sellers might offer a lease-to-own option where you rent the property with the intention of buying it after a set period.

FYI, self closing doors and locks do nothing when you are dealing with an individual intentionally leaving the doors open.  

My intent is to convert half of this space into a bedroom by adding drywall on two sides with a door. 

Talk to the seller, get the intentions if you did give them an extension.

I have no intentions in selling it.

So, he will reap the benefit of the reduction in P&I on the loan over time.If he is unable to obtain financing in one year, it would revert to a six month lease and he would be required to pay a damage deposit at that time.I am calling this an "Agreement of Intent to Purchase Residential Property" and not a Lease / Purchase Agreement.

The painter mentioned that reattaching/replacing some panels and applying a new coat of paint on the exterior would prolong the life of the home.I bought the home for 5% down and I am renovating the property with the intention of getting it reappraised to eliminate PMI.