Unless you want to have an in depth foundation of modern value investing, Security Analysis is overkill because it doesn't have much in it about REI that you won't get from The Intelligent Investor. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Could a regular referral agent do the same?

Congratulations on your acquisition, @Holly Wenzel.I would echo most of the other posts here and heavily recommend reselling the parcel to an active local developer, establish a relationship with that developer (and all the rest in the area) and start down the path of finding land for them on a regular basis.My experience has been that vertical construction experts don't posses the time or talent for finding undervalued land.

Both were negative but still somehow LOI made them to reply while regular letters did not.

If they price them as accurately as their regular zestimates I'm all over that!!!!!

Thirdly, I'd be inclined to find a multi family or investment property in the Rabbit Creek area instead, it has more potential for being rented on a regular basis.

Then, when you send the accounting of their security deposit, deduct that fee.I assume your lease and this fee is in compliance with TX law and TX law allows this fee to be deducted from the deposit.

If you have 16k cash and can afford the holding costs, live nearby and can keep the property and rehab materials secure it might work out.

There is FHA for owner-occupied investments, where you live in one unit and rent the rest, regular Investment property loans, and Fix-N Flip loans.