First time encountering this scenario so I appreciate any advice

Lots of equity built into this deal just on day 1 and getting better as time goes on Lessons learned?

Negatives to VA Loans- Seller pays for termite Inspection-Termite damage needs to be repaired- VA property condition requirements- Longer close times- VA borrowers are typically, but not always, First Time Home Buyers, so all the perils that go along with that.- VA Borrowers very often tends toward very subpar lenders like USAA for instance.

If some of you think now is an awful time to do this (re: interest rates) I'm open to being told to wait as well.

Lots of times, because the loan amount is so small, they will charge extra points to pad their fee.

Not sure if you need to think about budget or not, but downtown will be very very expensive.I don't think there are enough lots that trade that there would be any time of accurate or even ballpark pricing.I don't know anything about it, but there does seem to be some good demand in self storage parking and also in truck parking. 

She's stuck on it being worth 50k, which in a time when there is no land for sale below 30k an acre, I still see it as a great deal even the back 3 acres aren't the best and can't be developed.

However, I am a big duplex fan.  

This strategy can help you expand your portfolio without needing extensive cash reserves each time.

You could pay her back over time with interest, similar to a loan.