@Scott Wolf I am an Engineer, just have plans of relocating in the near future. 

(obvious declaimers about predicting the future are assumed :-)) This would likely be used for new development and be of most interest to a developer building from the ground up.2) Assuming the family is looking to sell in the next few years, what is the best way to execute on a property this size?

A lot of variables for anyone to be able to accurately predict the future of housing market (or stock market).

@Dustin Beam whatever happened during the crash of 2008 is not an indication of what could happen in he future.

I pretty much have my rehabs down to a science now so I could give you some pointers and maybe we could work on a deal in the future.

Excited for the future!

@Michael BurlisonWelcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

That said, don't let that deter you from future offers on properties - but definitely get a feel for the market first, and then do your assessment on the seller and property.  

My family owns a nice lot, about 1 acre, along the major highway in my area (Southeast Iowa).In the future, I plan to split the lot and build two new homes.

The guy that I was originally going to hire as my new property manager for future tenants has offered to do a mortgage assumption.