For instance, figuring out what to do for financing is very much putting the cart before the horse if you don't even know what state you are going to be buying in.

If you want to be "active" when it comes to picking a horse you can look at the crowdfunding and syndication options that are out there. 

great point on permit fees.In Charleston 5k  all in.. the 2 million Is a stand alone spec in the historic gas light district.. you know were the horse and buggies ride bye..

I also plan on boarding horses on this property which will be additional income.

There's even an Apple store.As mentioned before, North Scottsdale is also where big events happen like Barret Jackson, Phx Open, Arabian Horse Show, and so forth.Also, while I wouldn't suggest living there, there is a CUTE little town that you can explore not too far away from North Scottsdale. 

At the same time, the walls are horse-hair plaster, the plumbing is outdated and the heating is 30+ years.

I'm sure you can run through some scenarios were a, b, c, d, and e all come together and coalesce but until you do it with Property #1 the who idea of scaling is putting the cart before the horse.   

Wide open space and room for toys (ATV, horses, motor bikes).

If they are not, then it would appear you have an out from the deal.Also, if this doesn't work then you could ask the seller specifically (or more accurately CALL the local gov't entity and get the amount due verbatim from the horse's mouth) and account for this in your offer.  

However, I wouldn't do that because it puts the cart before the horse and ignores the specifics of our individual markets.