Anyhow, thanks for your reply and to answer your question no, currently I do not have anything else going on that will help. 

Quote from @Joshua Christensen: No offense, but that's a terrible idea!

The property next to me is a 1 acre lot, it has a Well, Septic and Power, but no structure.

Maybe no one is an idiot, maybe they are simply being responsive to incentives.

Because you don't use a realtor because most realtors have no idea what to wrap mortgage is.

Quote from @Michael Overall:I understand the utilities will go to basis, on the interest is it able to be yearly deducted based off the conversation you referenced if using form 4952According to one of my colleagues on that thread - yes.According to court - no.

Quote from @James Jefferson: Hi, I have a family member that had a reverse mortgage on their property it's a 3b 1b 1 acre of land heats by oil no hvac and on well water.

I'm in agreement but I'm not entirely sure where I'm going to need to create the LLC since the property is no in our state of residence.Do I create the LLC in WI (the state the property is in) and pay for a registered agent in that state?

It will be even harder as a young person with no life experience, and particularly no experience buying real estate. 

Quote from @Beth Johnson: @Marina Wong No. we just charge the servicing set-up fee at close.