Now, you don't dare take a chance on someone that shows any sign of being a risk.You've been sold down the river by politicians whose only desire is be re-elected. 

I have no desire now to build anything and I don't if I  ever will.

It sounds like it's not in a very desirable area, based on the price and rents.

If you buy upscale (desirable) properties in desirable areas as opposed to affordable (undesirable) crapboxes in undesirable areas you won’t need to entice tenants.

You'd be surprised, sometimes there are buyers who just want to own a piece of land, even if it's not the most desirable and of course price is a factor.

If property is done right even in todays market you can hit 1% rule and attract very desirable college students.

If there is one thing I would do different is: I would invest Out Of State in markets that had sustained growth, strong job numbers, were safe and desired, and had favorable Landlord laws. 

Find out their goals (current and post sale), desired timeline for selling/moving, where they'd like to move to next (if owner occupied), reason(s) for not already selling to an investor or with a Realtor, Plan B if they're unable to sell within the desired timeframe.let's say they've got a property that needs work and they're interested in selling.

You aren't touching anything on the Roaring Fork for almost any price, no matter the square footage.Location is king, because location equals desirability, and desirability translates into more rental demand, and in some cases, substantially more.  

A good sized room with small pocket office is much more desirable than two cramped rooms.