I own the land, I got it zoned for multifamily and I got the plans, elevations, renderings worked out. 

This is for our mid west or land deals we do outside of the west coast.. we do a LOT of land deals/ FLips  in the Rockies and so on. 

I'd look at land development as an equity capture tool to generate additional returns. land is a buyer's market in almost every market. you just have to expand what you are willing to do or your strategies.

I think the best move would be, get this property in top shape while you are fixing other issues.  

In one case, the client lived in a small house on his parent's land rent free.

Elda,You can use the land to build a home the land can be used as 'Equity" in the deal. 

A friend of mine owns a brewery in Cisco and they have issues with finding employees and there just isn't much out there outside of ranch land.

I'm currently interested in learning more about land and I'm wondering, does anyone have recommendations for learning about land investing? 

In my experience land lords who have that length of tenant and they can show rent rolls of payments on time are ok with sub market rents because the tenant is so "easy".

In one case, I'm selling the property back to the homeowner on land contract.