Talk to your insurance provider to see if this qualifies for a claim.

When you find out the present zoning of the property, the future land use and the local agencies comprehensive plan for how they see the area being developed (all can be done at the local planning office) you will have a much better idea of what you have just bought.If the land could in any way be developed into something more than single family residential lots, i.e. if there is any multi-family or commercial component than I would advise you to hire someone qualified to help you with the site planning of the development.

@Valentina Manzati Because financing an investment purchase is going to require at least 15% down, you're going to need to focus on a property that you can call your primary residence, meaning a 1-4 unit home you live in while renting out some of it, or a 1-4 unit home you live in for a year and then convert it to a rental.

I have talked to my HML for the property owner to do a 24-36 month Owner Finance for the 20% down to allow me to qualify for a DSCR on a turnkey small multi-family.

But as a property grows in size your rent/sq ft generally decreases.And right now the profit from that primary residence is tax free!!!  

If the property appraises for $500,000, you would only be able to cash out $375,000.Would this still be true as a primary residence or would we be able to find something like 5-10% down on a 30 yr loan?

Investment Info:Single-family residence buy & hold investment.

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

Investment Info:Single-family residence buy & hold investment in Jackson.

Now, my properties are near the top end of what you can afford and still qualify for Section 8...