There are just so many different variables to take into consideration when picking a market that there's no right answer, you just have to find what will work best for what you want to achieve.

The unit need its own rehab before all of the damage, but it is much worse then it was upon consideration a month ago.  

This is not only a big consideration when thinking about what quality materials you are using in a flip (More expensive areas and homes would require better finishes), but different types of work have a heavier cost of materials vs the labor than others (Painting vs electrical).

@Michael Dunn Seller financing is a good option you have to keep in to consideration that because you are financing it through thru the seller you will not have to spend the $25k just in acquisitions.

This is but a fraction of the considerations but it should be a good start.

HI Usha, Days on market varies considerably depending on location.

Of course, if you have the wherewithal to ride out any downturn or you understand the market extremely well to the point you know ahead of time when a market is going down then that mitigates your risk considerably, however, you are still speculating on market timing.   

If you simply want to raise cattle or have horses on the land that is one thing but if you plan on living on the land there are many other considerations you have to make sure of and even more if you are considering to do a development on the land.

Again. any college book store, Personal Finance 101.Understanding Micro Economics 101 will allow you to better understand business, valuations, how goods and services, including real estate is valued and the basis for legal aspects fair consideration, dealing and interests.This type of education is the bone the meat grows on, without it, all you're doing is chewing fat. :)  

An attorney would need to review all the facts of your particular case to determine the best style of asset protection and how to save you considerable legal overhead costs.