The property next to me is a 1 acre lot, it has a Well, Septic and Power, but no structure.

My understanding is that the ballpark standard of "unless it would be outrageously tough" (something along those lines) is what applies if you're doing a rehab, seeking new permits, doing structural changes anyways, and things of that nature.For existing pre-ADA structures, my understanding is that the standard is more along the lines of "if it can be easily/cheaply done, you have to do it."

(i.e. initial decorating and painting, bookings, rate structures, marketing, bookkeeping housekeeping, etc)? 

Quote from @Michael Challenger: I have no qualms with hard money lending, but I need to learn more about the process and structure to these for typical deals so that I am more comfortable and in a position to reduce my personal risk and risk to investors as much as possible.

If you don’t owe then, everything is profit without paying overhead depending on the structure of your lease.

Depending on the severity of smoke damage and structural issues, it could be a huge challenge for first time flip.

Additionally, regarding the legal structure, an LLC seems to be the most suitable option for our situation.

Secondarily, if I had a buyer for the land before I close, could I structure the purchase to include them without doing a wholesale deal?

Structuring the DealWhat are some best practices when structuring a seller-financed deal with a partner?

Beyond real estate investing, BiggerPockets Money has great episodes on how to avoid the middle class trap with your investments - ie how to structure your investment best so that they're not all locked up in accounts with penalties until you're 65.