Another consideration on top of what others have said is that you are also potentially going to have to argue with your insurance company, depending on how reputable your insurance company is and what your policy says, to even get that $500.

(Check and see if transferring a property this way would trigger a due-on-sale clause  in any mortgages on the current properties).

Welcome @Matthew Mirkin , I have thought of that also, but then, I read somewhere that if you are an agent, you will be obliged to tell the homeowner to tell them the maximum value they could get for their property, with that consideration, and me wanting to buy low, i choose not to take it, i have been looking before and found out that realestateexpress costs only 99.

Take into consideration all your costs for renovation, utilities during renovation, taxes, insurance, HOAs, and any other costs you can think of.

But...If you aren't aware of the long running battle surrounding LL stock, there is a considerable short position including some activist investors and hedge fund managers who have been accused of using their considerable influence to provide misinformation about Lumber Liquidators (LL) and their products in an effort to profit from the drop in stock price. 

Specifically, I'm looking to find out: what are the loan types that exist for land, what kind of water considerations (and cost estimates) are there, and likewise for power (solar vs. running electric), and access (a road to the home).

Another consideration:  Your gross income (the 75% that is counted from a rental property) may not be considered until the property is rented for one year.  

What considerations are there for doing this? 

Irrespective of timing considerations, Option D would be to invest in larger apartment syndications.    

I think it would be difficult to talk an owner into transferring title to your name without any consideration.