Check out the different Forum Categories here as they can answer a lot of questions you have just reading through.

I have listened to Dave Van Horn's podcasts and read his blogs on Bigger Pockets.  

I considered sound proofing the ceiling of the unit below but I’m reading articles saying that it can be very pricey and it won’t make a major difference.

You will need to justify the sale price of those assets to the new owner at their then current value on your books.It is a big hassle to do this, but it can make you a lot of money if you do it right and are careful in your record keeping.

@Ed Lopez Many good points in this thread.A few things I was thinking about when reading your posts:1) At $500/month in rent with annual turns it is going to be nearly impossible for the cash-flow math to ever work.

As a PM, his team would be familiar with areas and could help underwrite the property and take care of the day to day headaches. 

Also I dont know the state of the house ie is it completely derelict and trashed or what not, as previously stated i dont care about the house, just the land.

Read Main Street Millionaire by Codie Sanchez.

I care about income waaaay more than cashflow.

This does not involve the utility company meaning that you will still have to go into the property, read the meters, then individually bill each tenant for their usage and understand the bill is still in your name.