Expert Advice and Guidance PLEASE

[Tyler Merrell]

I need some advice. I am some what new to the rental investment/landlord world but want to grow and learn.  I have two properties with clear titles. Here is my dilemma and why I need advice and mentoring from more experienced people. 

I am currently looking to invest in more rental property and I have been offered 6 rental houses (small 2 bed 1 bath 900-1100sqft single family houses) on the same track of land (between 3-5 acres total waiting on the survey) within city limits for 150K. I live in a rural area and decent houses this size rent for 450-650 per month. That's not a killing but this is not my full-time job nor lively hood, but my paying hobby.....investment........relax time. Not to mention there is space to expand on this property where I want to build a Duplex in the future or other single family homes. Here are my concerns...

1) They need WORK. I mean a lot of work.... I can do all the work, and don't mind doing it, but while I am doing it, I can't rent them. I am by no means "stuck up" or anything, but I am not a landlord that want or will allow my name to be associated with trash. My goal is a suburban rental neighborhood. Are there loans for this type of property that will allow a grace period (like construction loans) while I renovate and improve the property. Also, I am not sure it will appraise for 150K in its condition.  Once I am done, I would expect it to appraise for 300k+.  And are duplex better than Single Family Rentals? 

2) OR..... I have 15 acres of land 8 miles from town that I can develop on. WIth this property, I can get a construction loan and build two houses for the price of one ( We, my family, do all the work) and will have two houses but only one low mortgage. This combined with my other properties will give me clear free titles rentals, and the equity of each to continue the process. 

3) OR..... I can use the equity of the best clear titled house I own and build 3, 1000 sqft homes on the 15 acres above listed. Should I use equity over loan?

4) How to make owner financing sound appealing to the seller????????

So here is my question should I jump on the 6 house and have a ROI quicker but larger debt, or be like the turtle slow and steady...... I just don't know if I will have a chance to find a track of land this size with 6 houses in the future for this price. A lot of this depends on what financing options for this type of deal and the payments..... also I plan on talking with the seller and negotiating a lower price and possible owner financing......which may put me in a position to be the landlord of all of her other inherited properties that she doesn't want (some 60 acres 50+ dwellings house/mobile homes) but with a larger price....that's why I think she may go with the owner financing.....

Options 2 and 3 will be reoccurring events once titles are clear.