Also are you planning to hold the lot?

go to local meetups, they should have some here or try meetup app or eventbrite. continue to network and that can help you execute your plans.

I plan on converting the barn into another sleeping space and indoor/outdoor rec room.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

While I don't believe that you need a full blown business plan, strict operational budget, timeline, scrum board, etc...

If you are not coming in cash and you plan to hold for five or more years, its the best time to pick up a property at a steep discount and make it work until the cycle turns again.  

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

I’d plan for extra amenities like special decor or concierge services. 

In the future, I plan to have more rentals but more interested in out-of-state investing than in state so I currently only have the one rental.

If you plan to invest in a syndication as a limited partner (LP), ensure the structure allows for direct ownership in real estate (e.g., through a Tenant-in-Common (TIC) agreement), as partnership interests are specifically excluded from 1031 exchanges under IRC 1031(a)(2)(D).