I hope everyone is having a good day.Best regards, Briant R.Be cautious with wholesaling in real estate, as many wholesalers engage in unethical practices and cut corners.

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. 

You can go over cost vs time all you want but at the end of the day, for me anyways... doing the stamp licking, printing cutting etc... just sucked big time and I'd be a very happy man if I never did it again. 

There's a nexus of factors tied to the LLC lending question worth noting.Typically we use a specific type of private business-purpose note that enables LLC lending.Other benefits of this note include: No Income Verification, No Credit Reporting, LLC Liability and Privacy protection, Unlimited Number of Loans, Far Less Documentation,... many obvious and non-obvious reasons savvy investors run this route.These notes are also competitive with FHA/VA/Conventional interest rates; however a 15-20% minimum down payment is required.Happy to help you cover the bases.

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.

Even without any interest rate cuts. 

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.

At a 500-700k budget, I'd look at a 2-4 unit property in places like East Nashville, Colorado Springs, Raleigh-Durham, Richmond, VA, maybe Salt Lake City (though that budget might not cut it there).

However, variable rate HELOCs are tied to the prime rate which has been coming down. 

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.