This is more great info to put down on my list of things I need to ask when I approach the seller.  

I'm curious if you have considered approaching local non profits that might want a private partner.

If the property has a solid inspection and a healthy maintenance budget can be set aside, these older properties can be very profitable.

I'm not even sure if this is the right approach and/or if I'm overcomplicating this. 

Does anyone have advice on how to approach this or know of a good broker specializing in vacant residential land?

Mid-term rental and BRRRR strategies are definitely solid approaches to start with.

.: Quote from @Xin-Ran Jiang: But when they bring up the syndication approach of LP+GP, that they will help me raising 35% down payment from private money in exchange of 65% share of ownership, I shocked.

Let me know if you want more insights on either approach!

If either argues about the approach you can simply fall back on the 'law'.

At this point, we're feeling uncertain.We’re seeking guidance on the best approach moving forward:1.