Main thing I would think of if you are targeting families are things like pack and plays, cribs, gamerooms for kids, etc. as well.

Long term play would be to either use it as a short term rental or 1031 exchange it after 2+ years.

If we sell, we will have between $150-200k to play with.

Your tenants obligation was to pay you on Jan 1, so it doesn't matter if they paid someone else they still owe you...obviously details re: notice and dates all come into play here and from a practical perspective I'd work with the tenant and not move to evict over this.

Looking for a long term play with rent stability more than making huge cash flow.

This could be an opportunity to add value by offering to help with clearing or relocating those items as part of any potential agreement.Why This Could Be a Good Move for YouYou see long-term potential in the property, especially with the large lot and development possibilities (even if those are years down the line).As the current tenants, you have the advantage of a direct relationship with the landlord and familiarity with the property, reducing competition and risk.This could be a chance to lock in a property that you might otherwise lose if it hit the open market, especially in today’s competitive environment.Challenges to ConsiderIf the landlord is emotionally tied to the property or reliant on rental income, they may be reluctant to sell.Financing could be tricky, especially with today’s interest rates and the gap between the current rent and what a conventional loan might cost.The development potential you’re interested in is likely a long-term play, which means the property could be financially tight in the short term, especially if you’re only breaking even or slightly negative on cash flow.Structuring a Potential DealTo make this feasible, you’ll likely need to explore creative financing options that align with both your financial capacity and the landlord’s goals.Seller Financing: Propose a deal where the landlord acts as the lender, allowing you to make monthly payments directly to them.

You also don't need to do a traditional long term strategy, is there a draw the  area that playing host to a traveling nurse or other professional/student would be interested? 

In playing with the numbers a bit, I'm seeing a trend of atleast 2% rent to price and (ideally) < 7% mortgage rate needed to achieve a decent cash on cash rate.

.: https://natlawreview.com/article/texas-federal-court-issues-nationwide-injunction-against-enforcement-corporateYep we shall see how this plays out 

U can target any real estate  although its quite robust for what your looking for.. we go for land and development land for the big money plays