Consider the project's financial feasibility - remember, only invest what you can afford to lose.Legal agreements and financing options are other vital aspects.

A million bucks is a result of a strong why and feasible plan.

Is it feasible that the previous owner split the property this way as a malicious effort against the foreclosing bank so that the parcel couldn't be sold?

Any particular advice or homework we should do to make sure this is feasible and judicious aside from ensuring zoning laws will allow this?

If you are nearby, management may be more feasible, but if you are investing out of state or are not readily available to go to the property anytime there is an issue, it may be best to seek professional management.

My question is this, is this feasible/worth it? 

Transportation costs can easily take the feasibly possible notion of living in Cypress on a housing voucher to impractical at best or financially detrimental at worst due to the lack of public transportation available.

Initially, the strategy you suggest is the one I thought most feasible, I just got frustrated with the search for the right property.

Have you penciled infrastructure, same thing, does the cost work inside your financial feasibility model?

I personally went down to Metro to get a building permit because I wanted to make sure what I wanted to do was even feasible for our property, zoning restrictions, etc.