You'll want each building broken out separately, then look at the finances of the land purchase for the rest of the property.There will be more work to do from there, but that at least presents some idea about the compexities of what you're considering.Find someone locally who can mentor you with this.I have a saying, also: Learn how to do real estate before you try to do real estate.

You'll want each building broken out separately, then look at the finances of the land purchase for the rest of the property.There will be more work to do from there, but that at least presents some idea about the compexities of what you're considering.Find someone locally who can mentor you with this.I have a saying, also: Learn how to do real estate before you try to do real estate.

Thank you all for the warm welcome and tips!

I'm currently living in the property and it needs new flooring and some other minor repairs - new interior paint, a few broken fixtures, etc. 

Hello, I'm new to the forum and wanted to join in hope of some help and tips for directions from  experienced buyers regarding my topic. 

Vacant homes are frequently broken in to and attract squatters and unsavory characters.

You've found the right place to pursue your goal of wealth building and financial freedom, check out this blog post on successfully investing in rentals:http://www.biggerpockets.com/renewsblog/2015/08/10...Here are a few other tips to help you get the most out of BP:Start here.

Here are a few tips to help you get the most out of BP and kickstart your investing career:Start here.

And Bill, those tips about combining the homeowners and the 1031 are invaluable and probably the route I will take.   

Thanks  @Matthew Paul @Steve Vaughan @Aleemah Spence for the tip!