If they tenant is $300 below market, that's costing you $3,600 a year.

@Frank Alfano agency debt is very competitive (75-80 ltv, non-recourse, fixed-rate etc); you can syndicate and raise the equity portion needed from friends and family, provided you can market and lead the project.

Look at their marketing strategy.

This is what I have so far I plan on posting this to our local real estate investment groups and also on Facebook marketplace in my area.

Quote from @Nick Henry: Hi there - I am starting out in real estate investing and am trying to build a portfolio of rentals that can produce enough cash flow for me to eventually leave my job and make real estate my main job.

But what you’re likely wanting is a real estate cpa that can handle your tax return and advice. 

There is a lot of calculations, market conditions, money, strategy, and more that go into each deal.

can the lot be sold on the open market? 

However licensed PA Real Estate Agent (12 Years) perhaps I can provide a little insight?

Have you looked into networking with wholesalers or checking out off-market properties?