No cap ex to worry about, likely a long-term situation, and you have the asset as collateral.Either of these options keeps you moving forward from a cashflow perspective but insulates you from the rat race.

@Prithvi Sri, never look a gift horse in the mouth. 

There is an old barn on the property and land that was used for horses at one point.

I know this may seem, easy to realize, but if you start small and work your way up, by the way the turtle wins the race.

Look for good value add opportunities rather than racing to get the most number of doors. 

My boyfriend and I have several large dogs, a few horses and cows that live at friend's houses so we need more space out of town.

I know there is also a time crunch and I am a little overwhelmed with how to analyze this deal and have it approved by my lender in time before someone else snatches it up (if I do end up wanting to buy it of course).You are putting the cart before the horse here.

My agent and lender were the work horses, they're also real estate investors so they knew how to help me.

It sounds like you're putting the cart ahead of the horse here.

PLEASE PEOPLE STOP SAYING THIS.This is not only dumb it is dangerous, and here is why...If I climb on a horse and I fall off, and climb on that horse again and keep falling off and again and again and again WITHOUT changing ANYTHING... it is friggin time you realize that you are doing something wrong.