Meredith:I'm only licensed to practice law in your state of Minnesota, so keep that piece in mind. 

Use what is between your ears, and a phone. 

Therefore, the balance sheet impact from that, simplistically, would look like this:AssetsProperty (Which is divided into two pieces)LandImprovementsLiability & EquityLiabilitiesMortgage on the propertyEquityPaid in Capital - Money you contributed for the down payment

Well, if you put all the pieces together we are not on a good trajectory.

Our vacation rental is 2700 sqft give or take and it is a piece of cake to maintain.

I would think the neighbor if they had half a brain would just contact the owner and go right around you.. since there is no market for the lot other than the two owners next door.. these are zombie properties Only way this works is you snag it buy it own it and IF the neighbor wants it you then sell.. there is risk of course of you ending up owning a basically worthless piece of land.We own literally 100 plus of these in CA.. 

Hi Kelly,I currently have a buyer with two new construction single family properties still under contract/in escrow in Central Florida for roughly 150k a piece.

We are closing on a piece of land in Western NC and will start construction on our first property that will be in the short term rental market. 

A general piece of advice; watch out for our property taxes.

I hope to be in Tucson in a month or so, don't have much experience yet, only flipped a few pieces of vacant land.