They all carry their own risks and rewards.  

You are saying I should ask for the seller to carry 80% seller finance and then I make payments to him with 5% interest for a period of time until I pay it off correct?

That is why land development as an example for multi-family carries extreme risk.

Here in New England you just can’t assume a ski season of 2-3 months is going to offset 9 other months of carrying costs; you’re already starting in a hole.

TIARV Park AND Self Storage~4 acres, commercial for $120K (google maps link)Pros: In city, city water & sewer nearby, city allows both rv park AND self storage in Commercial zone, ~$50K worth of timber on propertyCons: Neighbors nearby, traffic visibility not as good here, land needs to be logged/cleaned up - not a big deal reallySelf storage constructed probably out of shipping containers~3 acres, industrial for $135K (google maps link)Pros: clear flat land, higher traffic count between the coast and I5, seller will carry loanCons: zoning does not allow for RV Park, city services unavailable

When it’s vacant land you typically do not carry instance on land.2.

And carry on as you've been doing.

If the latter, then no it is unlikely you will be able to live off the rent because the expenses of carrying the house are so high. 

@Randall AlanWhat kind of insurance do you carry if you have SFR in Florida? 

It sounds like you will breakeven which is better than carrying a negative cash flowing property for years.