In many jurisdictions, it is illegal for the landlord to have a resident pay for common area utilities.  

We would be getting an inspection and title search obviously, but what are the other sets that we should be taking as we progress through this transaction? 

Both of these factors make it less likely that the property will be able to rent for enough to cover all the expenses (let alone positive cash flow).Additionally, you will need to think about the transaction costs when buying and selling. 

Key is to keep your transaction documents on file and document the transaction path for your CPA tax preparer.4 of the lots have sold in the last 2 months. 

The buildings and 1.79 acres are included in the transaction.

Yes on lease and it will help you with your mortgage app, make sure you deposit the rental money and document all transactions well for the bank as proof. 

You are mixing personal and business in this transaction so that is more difficult. 

In other words it is illegal. 

For the estate, there could be a designated payee with a POA for financial transactions. 

The issue here is going to be paying the terminal or transaction fee, which will add up quickly.