However, I received some feedback from one of my partners that the play here would be for an investor to subdivide or re plat the land for a multiple tenant situation.

I am remembering a lawyer friend advising her parents on land issues.

It is RS-50 zone requireMinimum Lot Size: 5,000 square feet.Minimum Lot Width: 50 feet.Setback Requirements:Front Yard: Minimum of 20 feet.Side Yard: Minimum of 7 feet on each side.Rear Yard: Minimum of 20 feet.Maximum Building Height: 35 feet.Permitted Uses: Primarily single-family detached dwellings.To have different lot size need neighborhood approval, I believe...  

The remainder is primarily in annuities, bonds and cash related vehicles. 

So if you are in a 30% combined tax bracket you get an additional $3K due to write offs.If it is a rental, you can write off the business expenses and the depreciation on the non land valuation. 

You want lower land cost with high rental demand unless you're a reno expert and flipper which not 1% of real investors are. 

You are not going to buy land and put in a mobile home and the lender in 6 months will consider it a single family home.

The price paid is well below what we should have paid based on number of lots/homes/ that can be built.

I then did some wholesaling, land flipping, did some more buying and am now just doing lending to build up active income.

I purchase the land from a local jeweler who I tracked down at his business and asked he was interested in selling.