I’d love to hear your thoughts on the best course of action in this situation.

To maximize your tax advantages, treat 75% of the property as rental income-producing, allowing you to deduct expenses like mortgage interest, property taxes, and depreciation on that portion.

Private equity firms seem to favor larger operations with scalable systems, while smaller mom-and-pop firms are often acquired by local players or regional operators looking to expand their footprint.If you’re looking for actionable intel, reaching out to brokers specializing in the sale of PM firms could provide useful leads.

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

If you are using STR, REPS, or self rental with material participation to convert to active or nonpassive income, you do not have to do this if you have passive business invesment that produce passive income that will exceed the loss generated by depreciation.

from my advice rural properties and developments aren't successful and you are climbing an uphill battle. sounds a little niche. we focus on developing and not reinventing the wheel. if this is truly what you want to focus all your time and energy on then visit the closest 5-10 of these that look like the ones you are interested and ask if they'd expand or build a secondary one. do a lot of research before you just take action 

I have listened to the BiggerPockets podcast for sometime now but have never taken any action, hoping to change that very soon.

What are you guys thoughts for my best course of action?

Congrats on taking action to get this first property under your belt. 

Just because something didn't rent doesn't mean there's anything actionable.