As an owner-occupant, you may get homestead exemptions and/or others.Again, your financial professional will be your best resource.

I am looking at buying a house in the DFW area that has about 4.1 acres of land, and I am wanting to know information on ag-exempt/open space exemption).  

I think it's a one time fee roughly 2.15% of the loan, but you are exempt from the funding fee if you have VA service connect disability (10% or more). 

Even doing 30+ day rentals, you are exempt from the sh0rt-term rental restrictions, if that's what exists.

Also, for economic purposes, by placing home in LLC (a business), children will be elgible for more college financial aid since the business assets for a closely held company with few employees are exempt/not counted under federal financial aid laws but are counted when it is our personal name.  

The issue is that flip transactions are considered a trade or business activity, and if a tax exempt entity like an IRA engages in a business on a regular or repeated basis, then there is a tax known as UBIT that applies to the gains from such business income.

I live in upstate NY in Saratoga Springs and I don't know if I can bring myself to purchase a home in NY with the property taxes as high as they are–even with an abatement or an exemption!

@Danielle Russo, another factor to consider is the primary home exemption from selling your primary residence. 

For instance disabled, or over 65 or homestead exemptions can significantly lower the property taxes until you buy the house as an investor and everything is reassessed.

If you are servicing your own loans, you do not fall under that category and are exempt.