However, you will need cash reserves and cash for downpayment/closing costs, so until you have that part shored up, I think I'd wait to buy, but continue analyzing deals.

There are a couple of builders selling new construction for under $300k. with 20% down and closing costs you could have a brand new HOME.Best of luck

Looking for some advice if this seems normal for closing costs on this piece of Land my wife and I are trying to buy.

Which in itself is a red flag for commercial land close within walking distance of a highway.

Here's my take:Property Management is more closely related to automotive manufacturing than what people naturally think of when they hear "Real Estate."  

When prices compared to rent were more affordable, I thought the 50% rule was conservative in San Diego but I no longer believe this to be the case. 50% rule is fairly close easy predictor. 

Just closed on my first property in Denver and am planning on Managing this myself. 

You would want an closed end second mortgage instead of a HELOC for a long term cash use like a down payment.

I have a house close to Wichita Falls Texas and I live about 8 hours away from the property.

I don’t charge anything until the closing with all funds being escrowed by the title company/attorney.