I'm looking at putting an offer on a listing with four separate tax parcels, three of them being vacant half acre lots and the 4th with an unfinished, dry cabin.My initial thought is to sell two of the parcels.

third one is on going.so make sure you have some powder dry if you do the Partnership route..

It seems like deals on the MLS in certain markets are drying up.

"Bring your moisture meter for dry rot and outlet wiring tool (about $5 at Home Depot) to check proper wiring.Use mositure meter around windows and kitchen bath floor / tub / shower. 

Once dry, remove moldy construction debris and clean hard surfaces.

The inventory in my current investment area is drying up!

The seller had this property down to the studs with  all the electrical redone and dry wall was put up.

Look for spots with corrosion of the pipes rotting from inside (main stack can cost upwards $4000 if you don't do your own demo).

Number of listings have dried up but you never know when a good deal will show up. 

That's line #21 on schedule D.If a person buys a $200,000 with the 1% RoT (Rule of Thumb), the theoretical annual rent collected is $24,000 and the annualized depreciation (at 80% improvement) is roughly $5,800 or approaching 25% of collected rent.