We got 7 applications in one day, and picked our favorite based on each tenant's merits (income, job stability, background check, number of people in the house, number of wage earners, number of small children, pets, etc).  

Vacancy in a SFH will hurt a lot more than one vacancy in a multifamily property - if you have a duplex and at least if 1 of the two apartments is rented, some or all of your expenses will be covered, but if your single family home is vacant you have to cover all the expenses.There are merits to all of these options, but deciding which one makes the most sense for you right now is ultimately up to you.

Does my approach have any merit at all?

Irrespective of the merits of investing in a foreign country like Mexico, the argument is often made that a newbie should start by investing at home.

We're debating the merits of holding versus selling as the ultimate goal for both of us is to get into rentals eventually.Here are the numbers:* Land Cost (paid off): $33k/lot* Build Cost: $130k/house* Simplified Total Cost: $166k/house* Anticipated Sale Price: $315k/house* Anticipated Rent: $2k-2.5k/houseFrom a hold perspective, it's not quite a 2% unicorn, but it's a 1.2-1.5%-er for a brand new construction which is pretty tempting.

I was hoping I could get some advice and input on if this plan has any merit or if there are any other creative financing Ideas I could take a look at, any information would be greatly appreciated!

Could you help me understand what would merit a freeze and seize of my accounts and property?

In my head this is how it would work with me: I find the property, we agree on the merits and numbers on the flip, put together a scope of work and budget together, partner puts up all cash needed to buy property and do renovations, I renovate the majority of it with my personal labor and only sub out that which requires city permit and inspection, then I sell the property through my brokerage and we split the profits.Would love to know how you like to structure your JV deals and if you think there is anything major I am leaving out?

Is there any merit to this?

The government, through multiple extensions of an ill-considered blanket policy purportedly used to combat the spread of a deadly disease and now largely without merit, is absolutely encouraging this bad behavior on the tenant's part.