I could attempt to get the house removed from the flood zone as i'm right on the edge and have no issue with water retention but there are cost involved in that as well and no guarantee the will remove it.  

A lot of the area is within the FEMA flood zones, meaning lenders will require flood insurance where it didn't used to be required, and that insurance can run you a few thousand dollars on a house that is less than 100K.

My concerns are that it is in an AE Flood zone, requires insurance and it is a pretty small house. is the flood zone enough to kill this deal.

I would really like to get into owning and managing rental properties but is this a red flag?  

This property I am wanting to purchase for the event venue is zoned mixed use between residential and commercial business.

In my experience though, most agents know a certain area very well compared to other areas outside that zone....outside of an hour radius, I would find a second agent in that area...my 2 cents.

House that hasn't been updated since it was built in the 70's.It is one of three houses on a 300 acre cattle ranch.Through cheap rent I was able to become debt free and have offered to buy it from my Landlords.I have developed good level of trust with them, and they are entertaining the idea.I called the planning department at the county office and they said this area (Wheatland California) is zoned ag land and could only be split up into 80 acre parcels.The only other option they gave was for the owners to separate the homesteads from the land, but all three houses would still be together.My question is has anybody ever been in a situation like this before?

$50k offer will certainly keep you in the safe zone.

Confirm what the land is zoned (approved) for.

Are there ways to be creative in zoning?