And I know that the tourism infrastructure (restaurants , activities) has some catching up to do aside from the new casino that is opening up.

Some landlords may inadvertently incorporate or omit these terms into their leases when using forms obtained online or from out-of-state sources.New WI Court of Appeals Ruling The Wisconsin Court of Appeals ruled in April 2024 that when a lease contains an illegal provision that renders it void, the landlord can be ordered to pay back all the rent the tenant has paid under the voided lease.

What is the best way to do this in your eyes?

To add to what @Jonathan Greene wrote:1) Understanding the local market, so you know what Neighborhood Class your building is located in, what Class your Building is (condition & amenities), and what corresponding class of tenants will be attracted.2) Using all this data to properly set your expectations and a realistic ROI.3) How to better screen prospective tenants, including catching fraud, so your property performs better.

There’s a vacant land/home that I am currently eyeing.

I usually don’t read a post that long, but I always try to keep my eye on the lookout in order to read your post. :-)

(I had additional carrying costs from a HELOC, which meant I walked with around $45,000).Aquisition:We found this deal on a wholesalers website who we keep an eye on.

I am eyeing an abandoned/vacant property nearby.

It won't be long until they catch on to your scheme (some lenders may even consider it fraud), so be careful you don't get ensnared in that. 

The amount of work and repairs that go into it may never catch up for you if you are maxed out on renovation budget.