I think looking to get face-time with someone who is experienced in this specific situation and market status would be really helpful to answer some internal questions and provide guidance and external motivation to make a decision and get moving. 

Splitting the parcel depends on the local government, so hard to say, but our understanding for this specifically is that it is relatively simple / not very costly.Whether we split the parcel or not is somewhat the reverse of "greater than the sum of its parts".

At this point I don't have an entity, but I was thinking of setting one up, specifically for the PM side of things if I could manage tax benefits that way. 

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Be as detailed and specific as possible when mentioning your future plans, current operation/experience level, ongoing projects, etc.

I may also feel out some investor friendly realtors to potentially advise on this first deal.

Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy).

I do think something like this is going to be more attractive to a specific audience,  so I'd do the work to analyze that piece of it - and consider other amenities at a similar investment level that might have broader appeal in that pro/con list. 

However, there are specific rules and requirements that must be followed to qualify for this tax deferral.In the situation you've described, your client wants to use a 1031 exchange to buy his mother's land.

It is landlord-friendly, and specific pockets have gone upwards of 2-4x in the last 5-10 years.