This strategy identifies components of the property that can be depreciated over shorter timeframes (e.g., 5, 7, or 15 years instead of the standard 27.5 or 39 years).

It has Roth component and traditional built in.  

Playing the long game, it's not for those chasing rainbows, definently for the LT planned methodical focus. 

When you find out the present zoning of the property, the future land use and the local agencies comprehensive plan for how they see the area being developed (all can be done at the local planning office) you will have a much better idea of what you have just bought.If the land could in any way be developed into something more than single family residential lots, i.e. if there is any multi-family or commercial component than I would advise you to hire someone qualified to help you with the site planning of the development.

Having a consultant who has worked with the agencies before is a huge plus.Alongside the developer, creating a defined site plan is needed to determine the improvement & infrastructure cost. 

@Dan Handford, Can you define what the K in KP means? 

Specifically for the rent-to-own model do you know which components go into determining "strength of the deal"?

Define one thing to take action on in the next week towards accomplishing your goal to buy.

By installing our own, we remove the wear and tear and damage the tenants do by moving W/Ds in and out and hooking them up wrong (which is common) and using cheap components that cause leaks and destroy floors and walls.

Assuming they were professionally prepared and compliant with state law, these should define your default interest terms – probably in your note.