This means you cannot raise the rents until the lease expires and then with proper timely notice. 

If handled properly you can save much on taxes.

I just find the prices a bit too high for rentals in Denton proper, but if you are patient and look around to communities like Ponder and Krum and Sanger, you might be able to find things that you'll be able to rent readily to people who work in Denton (county government, universities, very large medical complexes, etc.) but cannot afford to buy in Denton.

Municipalities will Not be common buyers for vacant land....not sure how you came to that conclusion.The vast majority of vacant land you can buy this way will have No value to a builder.....there is a reason people so often let these properties go to tax auction and it would be very difficult for you to determines the paths of growth and what would be desirable to a builder/developer.

I fear that if I do not use it from the start I will not be able to use it anymore2) Are there good explanations and examples on how to do it properly?

Develop a relatoinship. 

I work in business development in oil and gas, and there's definitely a lot more activity, projects, and optimism in Calgary.

Originally posted by @Max Petrov:@Nick B.For me it takes much more longer) You  need to develop a model of a good deal and then just compare what you see with that model.E.g., your good deal may be priced at $80/sqft "all-in" in the submarket where retail houses are priced at $110/sqft and rents are above $1/sqft.You need to know these numbers before looking at individual properties.

Are you buying in Chattanooga proper or finding your deals in the smaller towns outside the city?

Looks like you are on the proper path. 17% discount from listing price is a bit tough.