Be sure to establish your goals and then look for an agent that understands that and can help you get there.

The upside is I do live less than a mile from a major university (which just added a medical school) and has a developing area.  

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.

.- 10% down with no PMI on 1-4 units investment properties - 100% LTV for medical professionals - 30% down on an as is coastal commercial property in the 6%'s..Just having the right lender can completely change the parameters, potential, safety or profitability of an investment and none of these particular transactions happen without that considerable and valuable preparation. 

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.

There is an exception to get a 2nd simultaneous FHA loan however you'll have to have one of these 4 situations to qualify along with 25% equity on your current property which it seems like you do (close enough):1) larger family size (evidenced with medical pictures/documents for legal adoption/birth certificates)2) You were a cosignor but not currently occupying a property of another FHA borrower and now you want to buy or qualify for your own FHA home loan3) legally separate from an exspouse with which whom you shared a FHA loan together on a home and now you want to qualify for your own FHA home loan4) you're relocating for a job (need employer offer letter signed/dated by employer or HR)Your other issue with qualification is DTI and that is often true that its capped at 45% DTI or debt to income however you can also go up to 50 or 50.5% too so there might be some room to work towards there to get that additional borrowing ability.Paying down your existing loan is probably the worst way to obtain more qualifying ability especially when your current note from FHA on your current property is at 2.70% as you mentioned. 

Minimal debt (nothing so bankrupting as student or medical debt), currently a low cost of living, and the job I have at the moment pays well. 

Medi-Cal debt being the other.

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.