I have my eye on one that's in my price range. 

therefore, I think your theory does not pass the eye test.  

Hard money lenders are also going to verify the rehab budget and ARV - so having them vet your deal and put another set of eyes on it will be beneficial to you. 

I put eye and ear protection on the kids and handed a hammer to my daughter and an old baseball bat to my son and told them to go to town.

Yes, discounting the rent for a person for their eyes and ears on the property is worth it's wait in gold- but make sure you choose the right person, not necessarily the person that talks the most! 

Plus, keeping an eye on market trends and potential future developments can really give you an edge in making a smart investment.

If you proactively offered him even a small extra piece, say 5%, that would be huge in his eyes and buy you a lot of goodwill.....

I've been eyeing investment properties, hoping to learn a thing or two from the experts.

@Po Ng is right, I never buy land without getting eyes on it.  

Since you are a distance from your property, in addition to the attorney for the eviction process, I suggest you arrange for someone local to keep an eye on the property.