Never ceases to amaze me how often this scenario occurs.

Pikes Peak really focuses on El Paso County, but lines can often get blurred around the borders.

I work with Redlands planning quite often and it tend to get more difficult every time due to bureaucratic BS.   2)  If there is no lender, splitting the lot is relatively easy although it will take a little bit of time and money but nothing unreasonable.   

Not sure about the demand in the area but you probably need to check on rents and what types of tenants the area attracts.

I do like @Wendy Patton suggestion of tenant purchase... 

Not sure where you'll be doing your research but here are things you'll likely need access to...Land records ... to determine ownership, open mortgages, other encumbrancesCourt records ... for judgments, pending litigation, BKTax records ... real property taxes are liensLocal violations, liens, water may factor as wellAnd you often don't just click a few buttons and get results... usually you have to review docs and piece things togetherGood luck.

A 3rd party property manager then can deal with the rest. 100 units is more efficient, because you are able to hire full time leasing and maintenance, however, often you can get a 40 unit for a better overall ROI than a 100+ unit. 

Meaning, in what other ways or literature will you use to follow up with your marketing and how often will you mail and or contact the prospect.  

(Moved in over the summer, lease goes until next January).So in my limited experience I would say renting to these types of tenants is a good idea

Often I see ads posted by real estate professionals who are NOT posting their licensing and brokerage information in the ads.