Unless you're all in and enthusiastic, I'd just toss money in an index fund.

I'd be happy to recommend their services to others seeking similar investment opportunities in Southeast Iowa.

At the high price he wants for the property, I'd never be able to find a buyer anyway.

I'd probably try to suggest a combination of 5 acres with 20 units per acre and then suggest townhouses on the other 3 acres.

You cannot shut off the utilities.You do not have to have an attorney to do this although the process and paperwork can be daunting for someone who hasn't done it before and doesn't know the laws.

I'd suggest speaking with an agent who also househacks.

Although I want to pursue commercial, I wouldn't be against residential.

I'd house hack a few times and get some equity and cash flow going over the next few years and see how that gives you more options in the future. 

I'd be happy to have a conversation if you are interested. 

I currently have a 2 bed/1 bath (although could easily be converted to a 3 bed) house for sale in TN about five miles from Damascus, VA.