You can get a dog or cat or birds or rats to your hearts content (well, cities do have regulations, too.)I'd recommend a few things.

I would encourage anyone that is new to investing to do the following:1 - Become a Mentee (working with an experienced Mentor will save you a lot time, money and heart ache.)2 - Become a dedicated student of the business for life.

I'm finding myself stuck, but feel like this could be an amazing opportunity since the property sits on 3/4 acre in the heart of the city, which leads me to believe it can be subdivided.He also said he would be VERY happy to get $70-75k for the property, so should I offer him around $15k and offer to take care of taxes/closing costs? 

Avoid agents, they only have their own interest at heart and generally will place any one with a heart beat.

Most don't realize that the operating agreement doc is the "heart" of the LLC and a generic doc is almost useless re liability protection and the many other functions of running an LLC (a business).Admittedly the multi member LLC needs a partnership IRS return per year. 

The worst case scenario is then realized.Instead if someone has a plan A and tells themselves this has to work and there is no other option then they tend to pour their heart and soul into it with 100% focus.

I'll take this information to heart.

Was looking for any recos from experience in either of those, or surrounding areas since I know the heart of those areas are very limited inventory.  

I’m a gambler at heart :).

I'm a mustachian at heart. and welcome any conversations, or pointings in the right direction.