This property would have multiple income streams, including as an airbnb, wedding venue, bed and breakfast, corporate retreat. 

One important item to note about bids: most smaller contractors are terrible at estimating.

Most new construction deals require you to give up to a 10-year warranty on some items while most fix and flips come with very little extended liability after the sale excluding gross negligence which is not stopped by an LLC in any case.

This could be an opportunity to add value by offering to help with clearing or relocating those items as part of any potential agreement.Why This Could Be a Good Move for YouYou see long-term potential in the property, especially with the large lot and development possibilities (even if those are years down the line).As the current tenants, you have the advantage of a direct relationship with the landlord and familiarity with the property, reducing competition and risk.This could be a chance to lock in a property that you might otherwise lose if it hit the open market, especially in today’s competitive environment.Challenges to ConsiderIf the landlord is emotionally tied to the property or reliant on rental income, they may be reluctant to sell.Financing could be tricky, especially with today’s interest rates and the gap between the current rent and what a conventional loan might cost.The development potential you’re interested in is likely a long-term play, which means the property could be financially tight in the short term, especially if you’re only breaking even or slightly negative on cash flow.Structuring a Potential DealTo make this feasible, you’ll likely need to explore creative financing options that align with both your financial capacity and the landlord’s goals.Seller Financing: Propose a deal where the landlord acts as the lender, allowing you to make monthly payments directly to them.

I am only familiar with the contract in my state but items seller agrees to do based on inspection findings are their responsibility unless spelled out differently.  

Focus on the big-ticket items and estimate costs.Financing: Whether it's private money, hard money loans, or a traditional lender, make sure your financing is lined up.

Assuming you have another stream of income when you move there and I hope you do, I would recommend using the smallest amount of capital possible and invest in the most doors (1-4 units) that you can. 

Will work on some of these actionable items

The loan does need to be secured by the property being improved if we are talking about a personal residence and personal itemized deductions on Schedule A.

I would only recommend purchasing items that fall into that vision.