This subject is a topic that is often discussed on this forum:https://www.biggerpockets.com/...Explore past discussions - you can learn a lot there! 

The other issue is purchase of property can result in current assessment anyway since property taxes are subject to an annual percentage cap.

I have a template for the lease option and I'm supposed to mail it out to the seller because she had agreed to it... can anybody please help shed some light on the subject. 

As a residential investor you don't want the subject to be zoned commercial, it makes it harder to get low rate financing.

Some of your questions are good but I did write an entire post on this subject for Bigger Pockets that you can find HERE.  

Those areas are "nice" areas but "nice" is subjective based on what you are looking to do with the home.

And they are using metal instead of lumber.Interested in the subject too

It states as follows:"Subject's use is legal non-conforming which means that if the subject is ever destroyed by a fire, it cannot be rebuilt as such."

Just my thoughts on this subject.

IN this market though one thing I would do .. is get pre qualified for sure get your financing all worked out before you engage anyone.Once that is done simply put your offers in looking at good pictures and subject to home inspection.. for rentals there is no need to go look at them if its in the city you live you already know the areas and quality etc..