also its in my backyard so what steps should i take in getting this rented out. like if i left it as is do i need to do anything to legally rent it out or just hook the septic and well up and go for renting it.

If you did, based on an appraisal or what valuation method?

Preferably one who specializes in investments and works with investors (In most cases its FREE to work with a buyer agent because commission comes from the listing side at least in TN thats how it works) Thats your first step according to @Joshua Dorkin and @Brandon Turner.

Steps: Sign up for a class, complete the online application with DBPR, sign up for background screening, complete class (DBPR has to clear you before you can test), take state exam, join brokerage, broker submits your application to state to join their firm, license becomes active (you cannot sell real estate until your license shows active with a brokerage), and then join Board of Realtors for your area. 

Hi everybody,I decided to make the big first step and engage on BiggerPockets.  

This is probably a more complicated measure of seller financing because the real estate can be destroyed and the buyer would back out or the assets would appreciate significantly and the seller would request more money.In the above case - I guess the buyer could buy the rights to the income from the seller until he brought out 100% of the LLC.50 is still a young age - I was thinking they would benefit from deferring the gain as a result of inheritance and getting a step up of basis for their heirs.Sorry if I misunderstood your LLC scenario.

After reading I have a general understanding of what it involves but I am still unclear of the steps to get started. 

Seems like this method gives you a better chance at being successful.

Any advice or pointers will be greatly appreciated as we make our first step into securing our first investment.

I think we need good investors to step in like @Geoff Neidenbach to start displacing the 'slum lords' that have allowed the neighborhoods to continue to operate in despair.