To add to @Alina Trigub's advice, you'll either need to identify ways to add value that make the low cap rates worth it or invest out-of-state.

This isn't legal advice and I am not your attorney, this is simply my personal approach to asset protection.

looks like they simply took average numbers and did not put any real work into the analysis.

It's not a BRRR model where you simply hold for cash flow. 

‘lifestyle’ business – ie simply intended to be run by and to provide an ongoing source of work and income for the proprietors, no clear vision for the long term future?

I'm going to be searching through the forums to try to find a discussion on tips on identifying cities/suburbs with good rental market.

Or simply as a manager? 

It is zoned to allow for a higher density so I don't need to change that, I'm simply looking to divide one lot to three.In Lancaster County, SC all you have to do is have it resurveyed and file the new plat with the county, but I am imagining Mecklenburg will not be that simple.

If you are wholesaling and you're broker is cool with it, just make sure your process is transparent...a lot of brokers are not investors and they simply don't understand your perspective of using creativity to solve problems and earn a buck. 

Jasmine, I work in California and New York identifying land for solar development.