Do yourself a favor and sit down with a pen and paper and slog through "What Every Real Estate Investor Needs to Know About Cash Flow...

Have these numbers in email, but didn't get any signed papers declaring the matter closed.

As of today it is rented out and up for sale for $53,500.00 with photo's using this lot (the houses yard) as a selling point.https://www.zillow.com/homedetails/404-SE-12th-Ter-Gainesville-FL-32641/42734496_zpid/Then this morning my Mother was served paper that the vacant lot will be auctioned off in October and because she is a Trustee of my Grandfathers Estate and my Grandfather was the last to own the land, his estate can purchase the land for Taxes which is $4,000.00 before the auction.I'm wondering if there's an opportunity here but at first glance it looks like a mess that's best avoided.

As you lay it out, if you didn't pay yourself, the property probably shows as a loss on paper. 

@Tiffani Crenshaw, if you are able to file an in personam QT (meaning you can identify all claimants and serve the lawsuit papers on them) and take a default judgment, you are looking at $800 to $1,000. 

The big thing to be aware of is that if/when you go to sell the property, you have to pay taxes on your paper gain at the time of sale and pay depreciation recapture. 

There are homes with 6 rooms, 4 bathrooms that make sense on paper, but how do you know you are not overextending yourself when it comes to a house hack?

The deal just doesn't work on paper once you allocate money for repairs and capex.I guess a better question might be, "are 15 year mortgages useful in real estate investments?"

This is one of the key papers we explain to our clients while we're closing with them. 

I think you forgot to add "on paper"