I would rather take 1 year to get all zoning done on a site where no other competitors can come than to be able to build something day one with lots of comparable lots around me.  

Additionally, the management companies would take around 10% of the rent for their services.Given this, I’m exploring whether it would be a smart move to refinance when interest rates drop, and possibly form an LLC to transfer the property into.

Are there ways to add value through renovations, additions, improved management?

Some private lenders are not willing to loan on auction properties, given the additional nuances and potential risk. 

Will monthly rent cover all expenses and provide additional funds to set aside for reserves?

Trulia.com4- call all of the FSBOers. multiple sites I then would reach out to the top closing companies and start phone networking.

If the agent of the corporation signs the lease, do you have the actual tenant as an additional party on the lease?

Could my LLC provide bring additional credibility (i.e., loan requirements) which directly affects the amount of capital received from the bank?

These are very interesting insights; thank you for sharing, and it is always great to learn additional ways to build wealth. 

Municipalities may add additional taxes to this, so you’ll want to contact the county tax assessor-collector office to determine current rates for a specific area.