However, the other common promoters of these types of investments are institutional in nature and have both the legal counsel and likely the license to be able to weather the storm if the nature of note is contested.  

But if you are dealing in straight option contracts in Texas, keep in mind the options can't exceed 180 days or they become executory in nature and fall under a whole different set of rules. 

It would help if there's a specific feature in the area (wineries, a natural or historical landmark, etc.).

First of all, in a C-Corp, all income is taxed at the same rate regardless of the nature of the income.  

I just don't want to get in trouble with the city or codes for not following proper procedures.

It's our nature to forget about the history.

I see recommended ways to remove lead based paint but not a consensus procedure.

It's not a lot of fun, but not that difficult if you just provide the paper work, and more importantly.....don't let yourself get frustrated when they keep asking for additional paper work, or the same stuff again, just the nature of the beast.

Due to the nature of my current job I won't be able to manage the property myself.

It is made from natural, renewable, components (linseed oil, cork, gypsum, pine rosin) and contains no vinyl or petroleum products whatsoever.