This has made me a little nervous and I am being told that the delay has been because they have to separate some other business dealings from the numbers, and that the son of the seller is their financial advisor and accountant. 

Once you have your investing criteria established, you’ll have less concerns and reservations about your next steps with any asset because now, your criteria supports your why.

That low rent just established a property he will have a hard time selling now. 

The appraised value must reflect the entire 40–acre parcel.So, I interpret that as subdivide before establishing financing.

Could use a local advisor if at all possible! 

Also any recommendations for professionals (CPA, financial advisor, etc.) to meet with  to make sure this is all done correctly would be amazing. 

Second, I would establish as-is value and “After Repair Value” (ARV) by asking 4 or 5 real estate agents to give you both numbers.Third, I would use “THEBLUEBOOK.COM” and get 4 to 5 suitable contractors to give you complete renovation bids.Fourth, I would go to local Real Estate Investment Clubs (You can find them on internet) and talk to flippers.

I’d like to focus on SFH and Duplexes, my goal is to establish a good portfolio within SC.

You obviously want to meet with them, establish rapport, see the property, etc. 

The tenant did not establish their own utility account.