It is in a downtown environment with access to pubs, highways, etc.

You’ll need a preapproval to submit with your offer for most sellers.For your own peace of mind, it is the neighborhood mostly residential, mixed use similar to this one or mostly commercial?

Two completely different environments, both are great just depends on what you're looking for.

For what it's worth, it will not be our primary residence until years down the road depending on how things go (when we "retire"), but it sounds like, regardless, we should steer clear of both options (LLC and fancy self-directed IRAS) unless we want the LLC for pure liability peace-of-mind if we did somehow rent out the land or a structure on it (if it wasn't our primary residence).Thanks again for taking the time to reply, still figuring it all out and this really helps.

Over time, you may be able to assist them with something.If you prefer the classroom environment tons of Vo-Tech colleges/classes are available.Just remember, like anything in life, skills aren't learned in a day.

The reason it's attractive to do now is that there are some reasonable unsecured home improvement loan products from the MN CEE (Center for Energy and Environment) that I can use to finance the adds since we currently owner-occupy the property.

Food for thought.Another option that I have investors employing now is a combination of separating cash and debt to create an environment of lowered risk but good return using the 1031 exchange to separate debt (risk) and cash (security). 

If you are the first one to see a new deal, you can be the first one to make an offer.Taking advantage of peace and quiet.

Somebody handy could do that for under two hundred bucks and you can have peace of mind your property isn’t being ruined .

Setup escrow to handle the payments so both parties have peace of mind.Good luck