You're going to be call or mailing land owners....just saw a guy mailing out 34,000 mailers...probably 60cents or more a letter....so just that one mailing is a $15,000 up front investment....plus you need to have systems set up to respond to that amount of mail and response, and the money either to buy those deals that come thru or if you're going to try to wholesale them, then the money to find your end buyers.   

All I need to do is have a final number that totals $550k (a high price for this home)I was looking at doing 0% interest, 30 yr amortization, with a 10 yr balloon.

Now I have talked to my tenant on the phone, and she said she got the letter.

Also, if you didn't receive a pre-approval letter from a VA approved lender with the buyers offer ask for one.

How will the seller be paid off when the balloon payment is due? 

But, again, if your LES shows an ETS date of less than 12 months your current income won't be usable, unless (a) you write a letter to certify that you will reenlist and also have a commander certify that you will be eligible, or (b) you use income from a new job that you'll start near the subject property before closing.

If caught, best case scenario is you'd get a cease and desist letter from the state regulator and probably fined. 0% chance this is worth it.

I went on the county website, found the contact info for all the lot owners and started mailing out heartfelt letters describing why they should sell me their land.

They already sent Default Letter!

Put a second mortgage in place on an amount we agree on (to be paid via balloon payment upon sale of the property) -This amount would be the ask price, less the existing mortgage, less the downpayment and closing costs4.