There are however a lot of illegal subdivisions, "bonus efficiencies," illegal buildings on lots zoned for single family, it's all crazy out there. 

I’m also close to U hospitals which is a bonus..

Go in with a goal of fixing and flipping it for a profit but make sure it would also work as a rental so you have a plan B (bonus points if the deal works as a short, medium, and long term rental).

I am interested in a 20+ year investment so in it for the long haul and the bonus of enjoying the land for recreation over the years.

Always get a draw schedule with your contract and it is wise to include a penalty for lack of performance and even a bonus for exceeding timelines (which save you money in holding costs).Not all contractors are created equal.

Only purchase properties with value-added opportunities.and my bonus tip would be to make sure that the properties cash-flow upon purchase, missing this could cause you some pain.DON'T OVERCOMPLICATE THE BASICSI know there are caveats to each one of these but most investors never start because they overcomplicate the process.

. ** Another way to look at splitting up the rent increases 6 months apart is: would you give a prospective new tenant a one-time $300 signing/move-in bonus of some sort, if they agreed to the $100 increased rent rate?

@Ryan Kuja Just as a bonus tip.

That means bonus checks and a house in the Hamptons.Expect this news story to keep going  right thru the election cycle.

If he's as good as you say (and I'm not saying he isn't), it may even be worth your time to give him a little bonus for taking care of you at such a good price.