I am mostly concerned about a visually respectable way to show the division in the two lots.

P2P income tax rates are higher, and treatment of losses is less favorable. 

An LLC is established by state statute, for federal taxes you'll be treated as a disregarded entity (if you're the sole member) or if you have multiple members you'd be treated as a partnership, or you can elect S or C corp treatment. 

If the builder announces a new shopping center and all the area around it is vacant land then the value would likely climb but if a builder announces a water treatment plant and the area around it is residential homes then the value would likely drop. 

The pic throws the visual off because there is 70 years of caulking  (built 1948) at those joints.  

I offered $38K, all cash, 5 day closing, no inspection but they had to pay for termite treatment.

Should I just go into one on my own and give it the ol trial by fire treatment?

Getting a treatment and some minor repair is normal. 

Because all hand-up worthy folks get the same treatment, I'm an 'equal opportunity offender' and not getting in trouble.  

If I lived in an area hostile to landlords or a place with a voracious appetite for tax dollars I'd certainly consider investing outside my home area (actually I'd probably consider moving), but I think it would be hard owning property that I can't work on, see, or visually inspect easily.