Furthermore, I would also suggest scheduling a structural engineer to assess the frame and foundation of the property.

Hi all - what do others do when assessing a smaller property (< 0.5 acre) that has multiple standalone structures that could be rented separately but they do not have great separation for privacy?

Call everyone in your database and assess their needs.

Would love to see updates on your progress!

I'll update the BP community on my decision and progress, soon. 

Assessed land value versus building value can be a help or hindrance, you cannot depreciate land.

At this point we decided to more forward with a second appraisal in hopes to reaching a more accurate assessment. 

If it's hard to assess if the tenants in place meet YOUR criteria, I'd try to get them out by closing time if possible.

When analyzing why a property may be on the market for longer than comparable rentals start with assessing the condition of the home (does is show and smell clean, any deferred maintenance, dark inside...). 

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, you should sit down and assess your personal finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.