Considering that, you are likely going to see appreciation year over year, which essentially will be additional equity you'd capture just by simply living in the home. 

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. 

If you discovered the issue before paying for the appraisal that could hopefully save some costs (in case the appraiser is with the wrong AMC).Pre-vetting with the lender on rental history/AIRbnb/1007 as well as seasoning could help. 

I've seen other people in the forum who simply use independent savings accounts but it is not clear to me if that is legal.

If the eviction goes to court, then there is a record of that eviction on their file and it will make it harder for them to find another place to live (assuming the landlord does a background check).Not renewing the lease happens when either party decides they simply don't want to renew the lease. 

I know that’s not the only reason to invest in real estate but simply put it’s what I’m mainly looking at and In the markets I am currently looking at, it look like regardless of str, mtr, and ltr, I’ll be cash flowing around 150-300 a month.

That's simply not true.

Being a subject matter expert, not because you are forcing it, but because you simply ARE, shows through, and investors are rightfully attracted to that. 

And like everything RE sales related 10 to 15% do 80 to 90% of the deals.. so we know going in that 80% at least of those that buy these courses simply do nothing with it.

A Illegal simply starts a business entity , gets an EIN and insurances .