After years in the highly active BRRRR, sales, and rehab realms as an RE broker, I quite enjoy throwing on my boots and riding a zero turn mower, taking a Jon Boat out on our pond, or cutting up a downed tree for firewood. 

However, if you ever want to replace that home, you'll have to move it off his lot.I would consider appraising the vacant land and trying to cut a deal that's fair.

You can go over cost vs time all you want but at the end of the day, for me anyways... doing the stamp licking, printing cutting etc... just sucked big time and I'd be a very happy man if I never did it again. 

Even without any interest rate cuts. 

Russ has a lot of creative solutions and uses established case law to work in ways that some of the more "cut & dry" intermediaries do not.

Also this property has a small 8 acre tract cut out of it with residential homes on it.So my question, what is my first step to get this property looked at to see its potential.

The closest I've come to your situation is similar to one in which a tenant wanted to cut the grass, for which he wanted to get a reduction in his rent.

At a 500-700k budget, I'd look at a 2-4 unit property in places like East Nashville, Colorado Springs, Raleigh-Durham, Richmond, VA, maybe Salt Lake City (though that budget might not cut it there).

Prime is currently 7.75% and likely to drop by 1-3% during this fed cut cycle over the next 1-3 years.  

Or she just cuts you out of the deal somehow and doesn't give you a penny and she's dating a mixed martial artist bouncer now so what are you gonna do, etc.