I would be sure to have a CPA who specializes in this put a plan together for you.

Ok so first pin down an area McAllen is 8 hours from Waco next find a realtor (preferably one that specializes  in investment and or does so himself) in the areas you want.

Do I need to include anything special in the operating plan?   

I would recommend getting a Warranty or Special Warranty Deed if you can to protect your interests in the asset so you can keep it. 

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.

However, if your two numbers are way off, then you'll need to decide whether you want to proceed with him in this capacity.One more piece of advice I would give here...be aware that just because someone is really good at their own specialized trade, that does not mean that they will be good at managing others to get work done. 

It helps to have vets like you two to give me good price points for land on something like this.I will start a few new builds in Charlotte later this spring  lots are 60k  but you need well and septic and 2500 sq ft roughly exit 400s to mid400s so about 15% NET on Gross sales price which is pretty common in these price points as your competing against the nationals and larger regionals.The high end is different mainly guys that specialize in that product have a great local rep etc.  

A lot of times folks will special order a door and it will be returned for any number of reasons.

The loan company is Specialized Loan Servicing. 

In your experience is it better to hire a general home inspector that is decent at a lot of things, or a home inspector(s) that specializes on one particular area?