Taxes are fairly high so that should be taken into consideration.

Whatever time you spend learning the pros and cons, and getting professional advice before you make your offer to buy them will be money and time well spent.Good luck on your journey!

Probably made more money on the sale of the land and the house than they ever did farming, sad as that is. 

Which would leave me money to spare for other renovations.

I'll do it in about 6 months once I have a foothold in NC.Yeah, I learned the hardway by spending money unnecessarily on this kind of stuff lol 

HARD MONEY LENDER FINANCING AS AN MLO How did you add value to the deal?

One of the ones to be considerate of is the limitations of taking losses as a W-2 earner.

I also have a primary residence with nearly a JUMBO loan at a high interest rate and I own a vacation place in cash (small trailer not worth much money but i also own the land) in a different state that I pay RE taxes on. 

The initial price was 9k and the LL has dropped it considerably since it hasn't been leased.

I'm not getting a lot of traction with leads, and am bleeding money each month.