Is it to own your own home, and live in this location forever?

I have been researching other out of state locations and have a few more states in my radar and will be taking a road trip soon to check them out.  

What state is the land located?

Marketing strategies differ between locations and the times (what worked last year may not be effective anymore).A question I have is: If you have a limited budget ($700/mo) for marketing, what would be the first 3 strategies you would implement immediately?

And the city does impose heavy fines.Also, given the location (Central City), long term rental might be financially challenging to make the numbers work.Good luck.

You neglect to share where you are located, which will make a BIG difference on how this gets resolved.  

I drove to the property, it was vacant but I knew this would good opportunity due to location and comps I had ran before going onsite.

You will acquire it quite quickly once you own a rental property.I was always told the best way to learn a foreign language was to go to a location where it is commonly spoken, and force yourself to try and communicate until you are comfortable with it. 

Let's also assume this plays out across several properties, so we can safely utilize a market cap rate of 7%.Assuming your building is identical in terms of unit size, quality, location, etc - You have 14 units with market rent of $1k/mo ($168k/yr PGI). 

You should have no trouble deploying that equity to get a stronger return in other ways.