We believe this is a good idea because it allows us to minimize our living expenses, and learn to be landlords while establishing ourselves in a new area. 

Be sure ice/water shield is included, vents are included, and establish a per-sheet price for plywood replacement in case the decking is rotted.

I know there is an established system that makes sense.

Done right it may take at least two years to season the business in terms of business credit/compliance and then you can approach lenders with both a high personal credit score and an established entity so you can jump into the commercial game of 5 units and higher.

I would buy a spot and get roommates while I got established down there.

----Also, only offer MTM leases.I worry you may have an issue with the other occupant, whom may have established tenant's rights. 

"C" is a large empty lot owned by a local family type operation; well established, connected, and owns a lot of similar property.In this example, I am looking for basic strategies to approach all three parties and get the best deal, without tipping my hand that I need to have all three to make it work.

I would start by calling them, letting them know you would like to establish a business relationship with them and would like to know what it takes. 

Here are my recommendations for people. (1) Pay an experienced attorney to establish your LLC the first time through and review it to see what it SHOULD look like, and then in the future you can throw them together yourself - there is no reason putting in all the work of establishing the LLC if it wont actually protect you. (2) Keep working with an attorney so you don't have to worry about the legalese involved, and instead stay focused on what it sounds like you are very good at doing: finding good property and making money on it.Final thought: if you plan to continue growing your operation, it may also be worth researching the Series LLC - but that is a bit more work to set up.

However what I was going to do was establish an LLC.