My story is similar, I started with a rental, it was a lot of hassle to open LLC as the mortgage at the beginning won't allow it, but it is always convenient to separate the accounts for book keeping.You will see this as soon as you have to do your own taxes first time, it will be a nightmare to collect everything is you incur into maintenance cost or any other expenses even if small.

Since you're a realtor it won't cost you much to list it, and people will pay a lot of money to get a low rate with a higher amount going to the principal than initially.

You should make sure that you can afford the cost of the protection that you choose.

I'm bit stuck trying to figure out the legal ways to go about doing this as I am Canadian and am looking to invest in American markets.

With two rents coming in from a property that costs not much more than a single family would be, it really helps the numbers. 

In terms of reading materials I would recommend checking out Buy, Rehab, Rent, Refinance, Repeat by David Greene and The Book on Estimating Rehab Costs by J Scott.

It is important to take into account factors such as timing and costs when determining the best structure for your needs.

Don't forget to save up for closing costs, property taxes, insurance, and any potential repairs that may be needed.Start by connecting with nearby lenders or mortgage brokers to evaluate your financial preparedness and investigate loan possibilities.

It can't hurt to start looking into the costs of what you'd need to develop the land.

Cash offers lower costs and control but limits diversification and potential returns while financing allows you to scale faster with more properties, but increases complexity and risk.