What really turned me on about the property was the deep soil (sloped and drained) for someone to put a vineyard, is already got a cistern on a high hill. 

@Jordan Sand I honestly doubt the have renters insurance as the tenant works for the owner and it was not stated on the current lease.

It could be soils related, poor construction, drainage, failed material etc.

(if not $50,000), fire hydrants ($20,000), Roads/sidewalks($600,000), setback review, brush clearing ($100,000), grading ($50,000), soil erosion abatement ($20,000), maintenance costs or neighborhood fee agreements/covenants, wetlands, water surface drainage, legal ($20,000), building/excavation permits ($30,000),  etc. 

Be careful of prairie soil, Montgomery has foundation problems in a few areas of town and it’s important to not buy in those areas.  

Quote from @Brad Sand: I think you have the right idea, with lowering your expenses first.

I've mainly been looking in North Atlanta, and the agent I am working with suggested areas such as Marietta, Dawsonville, Cumming, Sandy Springs, Woodstock, Doraville, and Brookhaven. 

When I first started, I found out the hard way about title clouds, IRS liens, buying land that didn't have legal access, water issues, soil issues, etc.

I plan to hold and operate the property for at least another 5 years.I'm leaning towards the regular dwelling route but one architect told me going the regular dwelling route might require Baseline Hillside Ordinance (BHO) compliance, hill/slope grading analysis, a soils report, hiring a fire consultant to design/engineer fire sprinklers for the SFR, and having a structural engineer design/engineer the entire house (SFR + basement).

you have some of the worst soils I have ever seen.. its called Yazoo Clay as in Yazoo city MS.. this clay expands and contracts like no other..