@Richard Benjamin WilhiteSince you inherited the land, I believe your cost basis is typically the land's fair market value at the time of inheritance. 

@Polat Caglayan very ambiguosu question, but read the helpful info below to guide your next set of questions:)-------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

They'll typically leave behind mattresses, couches, broken furniture, rotten food, etc.

Third, the typical person renting a room is not a home buyer candidate. 

I also have some capital to contribute.Could someone explain how syndications are typically structured, and how are people using Other People's Money (OPM) to build large portfolios with little to no money down?

@Venecia BaezIf you can invest locally do that if not look elsewhere. 9 times out of 10 when people are stuck and unable to take action I usually see people worrying about things that either won't happen or aren't an issue.

I’m planning to relist the house around April when the market typically picks up.

The "typical" off market seller is someone who thinks their house is in too rough of condition to sell on-market, but doesn't have the money to fix it themselves.  

Midwest cities with populations under 300,000 typically have cheap property taxes.

Most DSCR loans come with a prepayment penalty that is typically 5% for the first year, 4 points for the second, 3, 2, or 1 pts for each year.