The money you would save by having them properly complete that exchange would more than offset the cost.

If I understand your question properly you're wondering if you should lock people into a year long lease and then raise their rent after a month, or if you should just raise the rent up front on the lease renewal? 

I figured that they are going to ask how much I am willing to buy the house for, in which the best response I have learned is, “I would never make an offer on a house without doing a proper valuation and seeing the house in person” something along those lines. 

It's hard to say whether that agent truly followed up with the lender and PROPERLY submitted a COMPLETE short sale file.  

Land is hard to move and hard to collect much rent from if and when you end up holding it.I do know that one consideration with gun ranges is lead contamination so that might also drive down the price for any buyer if it has not been properly maintained.

He was a great source of info on doing things the proper way. 

Obviously depends on your risk tolerance, but if you buy right so that you cash flow properly (plug the BP rental analysis tool) so you are saving for expenses and still cash flowing, and you have some cash reserves, I would leverage as best as appropriate.

Whenever you purchase property, it's the responsibility of the buyer to do proper due diligence.

The current owner does not seem like one to pull proper permits on any repairs made, if they were needed. 

ie. did the county acquire by some non payment of back taxes, have redemption periods expire, was the notification process done properly, etc.