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. 

I could lose my entire investment 400 times (and get 400 practice sessions in 400 days) for the price of the education, and if I couldn't learn the ropes well before I completed 400 deals in a single year, I'm not cut out for that business.

Should we sell the property when we leave and cut our losses?

More rate cuts coming.

Even without any interest rate cuts. 

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.

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.

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.

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.

If you are going to be active, and have high conviction in a project with a clearly defined entry/exit strategy then using a HELOC is one of the better sources of capital.But, I continue to have my stance that, on average, folks who use a HELOC to fund the down payment for long-term investments will eventually find themselves in a situation where their portfolios drain their personal financial situations, rather than fueling them.