My plan would be to live in it for a year and then start renting it out. 

If you ever plan to develop the land and sell it you'll use a title company and they'll do the research then, and if there is an issue in the chain of title then you'll wish you did it on the front end.  

If you are going to engage an architect and do full plans and permits, then you will likely need to do some pretty serious analysis.

If you plan to invest somewhere else, who is the top agent for investments in the area that could point you to a good mentor, or offer mentorship themselves?

Plan for your next property but there's no reason to rush into something so quickly.

A mixed way is often best, with plans for money coming in and extra backup for any surprises.

I am getting ready to purchase my first rental property in Oklahoma City, OK and I’m looking at an home that is priced under $80,000.I plan to put 25% down to get the best rate.I’m from California and haven’t run into this before... but it seems like there are lending minimums and a conventional loan of $60,000 isn’t something I’m finding easily.I could likely get a hard money loan or get a HELOC on my primary residence and purchase the home with cash... but I don’t like these options because the interest rates are higher than a Conventional loan.Besides hard money or a HELOC, are there any suggestions on how to get this smaller loan at a reasonable rate?

I want to start wholesaling and work my way up to buy and holds.I am currently planning my first wholesaling campaign, and I am about to take my first leap into investing.

It's good you are planning in advance. 

Is your plan to rent by the room?