@Amanda Fabian  I would definitely suggest to actively use them both.

I’m open to any suggestions: any books that can teach me how to calculate and assess properties would be awesome.

Other comps in the area suggest that the price per acre is around $100,000-120,000.That would mean that my land when compared to the cheapest and latest comp (the neighbor's lot) would be $255,000 ($85,000 * 3).

They suggested that I address the check to the county directly, and they will mail it out on my behalf.

I suggested a 1031 exchange - as the parties would be ok with trading for a property of similar or higher value much closer to where the elderly friend resides.

I recently finished "Set for Life" and in it the author suggests keeping your investment savings (not your emergency savings) in the stock market so you can ride the general upward slope of the economy before you utilize it.

I suggest you talk to your CPA first.

It looks like you have several recommendations already but I might suggest speaking with each bank to find out their terms. 

Rent increases seemed tapped out, which suggested that would cap the purchase prices.

Are there any particular strategies you might suggest for someone in my position?