Additionally, regarding the legal structure, an LLC seems to be the most suitable option for our situation.

It sounds like you are in a nice spot where you have options moving forward with investing, (congrats).

Unfortunately. this is typically considered normal wear and tear.

We shall see but it may all be just typical yap yap.

I would go with option A.

@Richard Benjamin WilhiteSince you inherited the land, I believe your cost basis is typically the land's fair market value at the time of inheritance. 

@Augusta Owens here's some copy & paste info you won't find in a book:)-----------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Your options are greater ahead of the transaction as opposed to when the transaction has already been entered into.Best of luck to you!

I have a few options I can send you.

They have decent rental markets, and there are options where you could get in with a 20% down payment.