It is my next step to take the survey and get their input on my options.Will let you know how it will goThank you  

Grandpa and Grandma take five acres on the back forty and punch in a well and sewer (when it was cheap to do so), run some water and sewer lines with the old backhoe. 

Fix it.We eliminate as much landscaping as possible: we take out flower beds and most decorative features, ideally, lawn mowing is the only job tenants have to do, because we know that's all we can expect from most.

If places like yours are sitting at $2200 with no traction, you’re taking on unnecessary risk, especially as a first deal.

The farthest I’ve gone is about 20 miles away from my house which takes me about 30 minutes to get to.

I thought I could take this opportunity and learn from it without having to buy property.

@Ashish Gambhir like most have said it will take some creativity or a lot of work to get a cashflow rental in the Triangle. 

The process for commercial properties is basically the same as residential properties, so it takes work.Again, echoing Dominic, a good investment is a good investment, whether you spent 8 months courting an owner to get them to sell to you, or whether it is on CBRE/Cushman/Marcus/Loopnet or any other brokerage website.  

I have no facts so take my opinion with a grain of salt.

Even if I take the 15% tax hit I would make $32,000/ year on the remaining $400,000.