Have these numbers in email, but didn't get any signed papers declaring the matter closed.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

As of today it is rented out and up for sale for $53,500.00 with photo's using this lot (the houses yard) as a selling point.https://www.zillow.com/homedetails/404-SE-12th-Ter-Gainesville-FL-32641/42734496_zpid/Then this morning my Mother was served paper that the vacant lot will be auctioned off in October and because she is a Trustee of my Grandfathers Estate and my Grandfather was the last to own the land, his estate can purchase the land for Taxes which is $4,000.00 before the auction.I'm wondering if there's an opportunity here but at first glance it looks like a mess that's best avoided.

It's not a big deal though, as an umbrella insurance policy probably gives you more protection than a simple LLC (any lawyers can chime in here and tell me I'm wrong).  

Long-term rental acquisition strategy, simple deal, big opportunity with low risk.

@Tiffani Crenshaw, if you are able to file an in personam QT (meaning you can identify all claimants and serve the lawsuit papers on them) and take a default judgment, you are looking at $800 to $1,000. 

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

The big thing to be aware of is that if/when you go to sell the property, you have to pay taxes on your paper gain at the time of sale and pay depreciation recapture. 

Would it be as simple as a secondary lien and promissory note?  

There are homes with 6 rooms, 4 bathrooms that make sense on paper, but how do you know you are not overextending yourself when it comes to a house hack?