There are also great CPAs that have commented on this thread.

Legal entities are set up for this purpose.  

Depending on how you use the property, you may benefit from a cost segregation study and bonus depreciation once the property is in service. 

Any strategies beyond this would be appreciated.

This is as goofy lot, especially since they let the front lot go.

This will clarify and reinforce what you are reading.

Good to get an update on this post.

I'm with Dan on this one. 1.

Unlike some buyers, I ALWAYS go look at the properties before the sale and discovered that the vacant lot had an active railroad track on it and therefore was unbuildable, and would remain unbuildable until the railroad removed their track. 

Usually will work in GA, NC, OH, TX or FL areas.I am always willing to take advice from experienced investors on topics I may be unsure of and I am also able to provide my own perspective on topics I've studied, have been through or just my opinion in general.