There are a lot of people on these forums that scream about positive cash flow.

But for raw land that is going to take all this work and effort to even see that it works there simply is not a lot of value in what you bring unless the price is a SCREAMING deal and for some reason locals don't have it on their radar ( which is not likely in a market that is robust) 

The first step you have to take is to visit or call city planning, and see what your area is zoned for.

@Zk Lani I've been trying to do more research on AirBnBs in downtown Columbia as I think there is a huge need for visitors for Fort Jackson and UofSC parents, football games, etc.

but you have to be living under a rock to not understand why insurance companies don't allow them.I had a German Shepard one of my favorite that I have owned over the years.. she bit someone on the butt who walked into our house un announced and then turn ran and screamed..

I was looking for a property that was in a safe neighborhood, with marketability to seasonal visitors, large outdoor space, the ability to always attract a certain target demographic of a particular type of medical student, mainly cosmetic repairs, near public transportation, high walkability and in an appreciating neighborhood.

When you mentioned weather/insurance related issues that screamed Florida which I am shying away from. 

Bottom line HIGH Risk activity with some good upside . keep in mind every market has their pros your going to be up against.. there are no screaming deals that no one bids on unless its war zone junk. 

@Devin Hightower your stated goal is to get to 12k a month in passive income, but your strategy is going to take you several decades unless you are getting screaming good deals.

Also, If the rent they are asking @ $600 is below market value and the property is only $47k that seems like a screaming deal at first glance.