@Randall Prosise I second Kevin's recommendation of higher liability limits.If you have a fire in the building, and 4 units sue you, you have $75,000 limit for each tenant. 

Start small, do a limited rehab, be happy with a small return.

It is located outside city limits

These include (but not limited to) loan payments, taxes, insurance, utilities, etc...  

So from the get go you may find that seller financing is a non starter if your properties are highly depreciated and secondarily appreciated.The 1031 exchange has a limited shelf life of 180 days. 

If not, you should lower that limit. 

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Might cost some $ but you can hire a surveyor to measure your lot.

Hello BP, I herd of some banks here in Indianapolis that will bundle up about 5 mortgages into one big lone once you reach your limit of mortgages so you can continue to get new mortgages.

Buying at fair market value is one thing, buying significantly above it is another.Understand that this strategy can limit your exist strategy and that you may need to hold it 5-10 years unless the market appreciates a lot.