Many people recommend buy and hold for 4-6 years there and then either 1031 or refi and pull money out.

You need to calculate the time to break even on this, and consider if you will live in this home in 1 or 2 years from now.

However, if you ever want to replace that home, you'll have to move it off his lot.I would consider appraising the vacant land and trying to cut a deal that's fair.

Are the other parties to the agreement the property owner sharing the well and maybe an HOA?

Going to be interesting to see what sort of impact the new Government's mass deportation policy has on rents and construction costs.  

I use an LLC to do the Property management for my rental properties.

When you work a 9-5 job, you typically rely on colleagues assigned to you.As an investor, you have the OPPORTUNITY to assemble your dream team of professionals who share your ambition and can help you achieve your financial goals.

In your case, it could make sense to setup a series LLC to isolate each property.

We'd be open to single-family in the same areas.And because I'd be looking at it more as a long-term investment, cash flow is less of an issue for the first 5-10 years.

@Kylie A.You came to the right place.