Just be careful on tax treatment and be aware that you will end up with two properties that essentially 100% financed.

I'm assuming that you have a strong worth ethic and are not frivolous with your money since you were able to accumulate these savings.  

These are professionals with additional training and a stricter code of ethics.

I want to note that ethically, I do not feel comfortable collecting rent from her next of kin so the component of obligation of the estate is largely irrelevant.You are also apparently supposed to secure all of her belongings and note anything that is removed by family members that you allow to visit the property.  

You can install a water treatment system that will take care of it also.

These are professionals with additional training and a stricter code of ethics.

I also want to start investing, and from what I've been learning from the podcast, books, and other sources, I believe the route I'd like to start in is wholesaling.The QuestionIs there any rule in the REALTOR® Association Code of Ethics and Standards of Practice that would prevent a REALTOR® from participating in/conducting wholesale deals?

Hi @Josh Freeman, No, the sale of the 40 +/- acres would need to be reinvested into other real estate (replacement property) to qualify for 1031 Exchange treatment. 

The business operation would not qualify for 1031 Exchange treatment. 

Yes, but you need to narrow it down a lot to have a coherent answer.You will have to look at (I'd recommend in this order) the city codes (if it's inside a city, many cities above 50-100k population aren't friendly to development of these), the county codes (most counties are friendly to these, but you will probably have significant issues in major counties like Bexar, Travis, Dallas, Denton, Tarrant, Harris, etc), then you will have to comply with the state-level (TCEQ and others) on the water supply and waste water treatment systems.To put it in perspective again, in say Dallas or Austin, you will likely have prohibitions or very significant hurdles on developing RV or tiny home properties even on unincorporated, "unrestricted," AG-zoned properties at both the city/municipal level and county level.