It also has a great potential for appreciation depending on the area you are in.

Add tax return preparation fees, bookkeeping expenses, bank fees, potential legal fees, and the major expense of replacing a major item, such as AC or water heater.   

I TRIED TO PITCH IT TO FRIENDS AND FAMILY TO BUY AND HOLD, BUT THE INTREST RATES ARE SCARYING OFF MANY POTENTIAL BUYERS.

Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.

You could also try a simpler approach like surveys or just chatting with potential guests to see what they'd dig.

This could potentially get around that issue.

I've come to understand in the past few years that with my current skills there is somewhat of a cap on my earning potential.

I was considering being an agent because it would put me in the community, while potentially honing my skills and relationships while earning a solid income to invest pending my results.

Yes, it is possible to get a cost segregation study on a property placed into service in the past.There is potentially a requirement to file form 3115 which basically says that you screwed up the depreciation in the past and are therefore recalculating it.

If you're getting offers for your lot and another for way more than what you paid, you might be sitting on some serious profit potential, especially if the area's growing fast.