Problem was that the neighbor wanted about twice what his property was worth.  

Is it worth it and still have peace of mind?

I've never heard of a Work Comp waiver - it's possible it exists in some states.If you have a person who would normally be defined as your employee for Work Comp purposes and they get seriously maimed on your project site I'm betting that waiver isn't worth the paper it's printed on.

But if you find someone you really gel with and it helps you sleep better at night, they'll be worth the money.

Start looking - and see if you find anything worth buying within your price point AND in the right market. 

As they say, your network will be your net-worth.7.

Your better move is to buy them from the current owner at a value that represents what they are worth today.  

I remember the magic 2% number is coming from an historical basis from New zealand central bank I guess ?

Less inventory but definitely worth a look.

As long as their is demand and other favorable factors in that city, if it's worth pursuing if numbers make sense.