I'm cautiously easing my way into REI and would love to work with someone locally.

I have seen a few properties that look like extremely good deals based on that rule but am cautious.

I'd be very cautious. 

This is a method I thoroughly am thankful I did HOWEVER there is a discipline to doing this correctly and cautiously. 

I think in this environment other than finding someone with integrity and honesty, it is finding someone that is very conservative and cautious with there approach.

Maybe I am being over cautious but it just seems like I could be relinquishin control to the tenant if at some point I lost cooperation with them for legal entry. 

This is still new territory to me, but I'm being cautious so I don't get caught out there, the margin might be too thin.With that being said, whats everyone thoughts on just trying to sell the lot, or even price out a modular home for it?

I'd be VERY cautious about going in to a large MF deal without plenty of reserve funds (your lender will no doubt be cautious of you going into such a deal without reserves too).

As plan advisors, it is the responsibility of all of us in the industry to be very cautious in the language we use when guiding clients.I cannot tell you how many times I have heard from someone who "read on the internet" or "heard at a guru seminar" that they can do X, Y, or Z - and had to walk them back from potentially destroying their IRA in a self-dealing transaction. 

Joint Venture, LLC, or Partnership (be cautious here)