I am a blue collar guy through and through so even though I'm now a realtor, I can never set my toolbelt down for very long before I'm needing to demo, build, and create once again.

I'm out of Fairmont MN also, been building a portfolio of apartment buildings in the area.

The seller has the two lots legally separated, but due to deed restriction imposed by the subdivision development, found that building a house on the “tennis court” lot was not allowable. 

@Craig Holland Land is often sold with owner financing, in part because buyers have a hard time financing it, and in part because buyers often only need a short time before they can build on the land and refinance out of the seller loan. 

Quote from @Joe Paasch: I have joined this site to gain important incites, discussions and plans to build a successful portfolio.  

Thank you @Jaycee Greene and @Hossein DaneshIn sum:- 42 apartment rental deal (land has potential to add 32 more on  two small building but that phase would be out of scope for this initial stage analysis).- Negotiated sales price $3.2 (seller financed)- 30% DP @ 7% / 20rs.

In my market, which is a fairly economical place to build, I am friends with full time builders that are in their properties about $150k/door for construction level finishes.  

Only with a definitive goal can you accurately assess your options.What I hear you saying is that you do want to build a rental portfolio. 

I has two GREAT property managers that immediately come to mind, one handling 5 high end high rise condos I owned in Phoenix and the other one handling a 12 unit very lower end apartment building I owned in Arlington, Texas.  

Housing mix will change; more condos and co-ops and multi-family apartment buildings.