Time to get advice from a local licensed real estate attorney.

Cash Flow Quadrant written by the same author as Rich Dad Poor Dad is also a good read to shift into the proper mindset.Welcome Todd to the community! 

The tenant is a good one  with a very high credit score, but I feel I should have set my boundaries properly.

I am a licensed real estate broker however have never done any work with clients looking to take this route.

Without any more knowledge than what’s contained in your post it’s an envious position to be in and there are a wealth of options available to you ranging from a joint venture to self performing on a new development to long term hold.The only people who will be able to accurately answer your question are a licensed appraiser or a broker(s) who specializes in land or commercial/residential properties.

I know this site mainly focuses on how to buy investment properties, but I thought I would touch on a subject that may help someone down the road avoid a potentially expensive pitfall through the proper insurance coverage.

When I was obtaining my license, we studied a similar widely-publicized New York court case. 

Sure the tenant got behind by not paying the late fees, but if the tenant was not properly informed and the terms of the lease were not properly enforced, then that was a great disservice.6.

I am in the process of acquiring my general contractor license and look forward to doing another build and hold.

If you have done your homework and the property is sound, there should be nothing materially wrong such that a reasonable insurance policy would not cover.If you continue to do your homework and screen your tenants properly, you should have a low risk of them destroying the property that an insurance policy would not cover.