Ask to see their latest quarterly report.

I do these repairs and bill the cost to tenants following my quarterly inspections. 

The properties directly next door are quarter acre lots with houses ranging in value from 550k-700k and their are a few homes on 1 acre lots that are around 900k.

I'm pulling about a quarter mil out of some SFRs and trying to decide on buying a block of SFRs in Birmingham or stepping up to a small multi in Northern Jersey.

The two car garage is actually a metal garage on his property and he thinks he has an acre and a quarter on his side which if the house comes with an acre doesn't add up to 2. 

Most REO sellers will not turn on or allow water to be turned on, or allow repairs for appraisals or before closing, most secondary market loans require all utilities to be on at time of appraisal, minimum 5 years or more roof life left, no holes in walls or flooring larger than a quarter,  or significantly soiled flooring, walls, ect. 

I agree someone else can do bookkeeping and let your CPA double check quarterly.

Example: land doesn't have income, but has expenses for quarterly taxes so I can't track financials because there's no money coming in.

You may have to pay in quarterly estimated taxes (Form 1040-ES) depending on your total tax liability, and how much you have withheld on your W-2.

I also don't want to have to check the meters monthly, quarterly, etc.