The challenge for present day investors is with elevated mortgage rates and record high housing prices, the carrying costs and incentive to invest now can be restrictive. 

However, there is a tax deferral strategy that could accelerate your depreciation, keeping more money in your pocket today, known as cost segregation.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

@Trey Onufrii It's tough to say which one is the better investment without more details, like - cost of each parcel(s), are there utilities close by (especially the Jomax site), what's the terrain like on the hilltops? 

You also won’t have to worry about any fees or closing costs.

Rent can be increased annually, but expenses also go up (hopefully at a lower rate).

Do you know what the reno should really cost, not just agreeing with the GC? 

Leander, TX - I am looking at areas near the metro station and the new development "northline" due to job growth in the Austin metro area, influx of large companies, and decent schools, population increase 10% annual since 2020.

I have a tractor and have successfully fed wildlife before doing this.However, there is not a lot of margin to make a profit as I see bare land selling actively in MLS listings for $2-4k more than what it will cost me to buy the tax sale and do a quiet title search (likely $3k apiece). 

Rents have increased slowly (not a ton of growth there), but we do have cash flow of about $1000/month & its locked into a 3% fixed rate. 

Not sure, if this means hiring multiple people (one for appraisal, one for inspection, one for cost estimates)3.