Under an reasonable spectrum of outcomes speaks to the need to have a margin of safety, which also directly relates to profit margin under nominal conditions.If you cannot meet the above conditions, you keep looking but do not yet invest.

For a long time (the past 50 years or so, inflation adjusted home prices diverged significantly from nominal prices, but in the past 25 years, the curves have started to converge, and are now pretty much aligned: http://mysite.verizon.net/vzeqrguz/housingbubble/ In my opinion, if you believe inflation is a given over the long-term, then you should assume that real estate will appreciate over the long-term.

One could argue that the marketplaces add nominal value as part of the underwriting process, but given that most of them are trying to be all things to all people and launch nationwide I don't really see how this is really feasible.  

Generally, you should be able to option the land for a nominal amount of earnest money paid  into escrow for a reasonable diligence period while you gather information, the option money returnable to you if you find out something you do not like, including any defects in title that show up on the preliminary title report (usually delivered to a buyer for the buyer's review after entry into the option or purchase agreement and prior to the earnest money becoming non-refundable to the buyer.)  

Some items have a nominal value on their own but are irreplaceable.

Lien information can be obtained from public records, many times for free or at a nominal price.

As the saying goes, you get what you pay for.As for leasing - a good PM should be willing on small properties to charge you a nominal flat fee for leasing provide that if a third party is used, then the leasing commission is paid separately as an operating expense.

It can’t be any simpler and there is no separate LLC.One minor drawback is your solo 401k has to file a form 5500 tax return (so there is IRS scrutiny, David) and there might be some nominal annual fees for paperwork your provider will likely send each year to keep your plan current.

Join a local rental association of like minded landlords.... many will offer legal documents (such as rental agreements, notices, etc.) to their members, for free or for a nominal price. 

However, another business I own occupies an office in the building & pays a nominal rent &  the 'rent' deduction was disallowed??