The other option is to form an LLC prior and both go on the loan in terms of dual borrowers so that the land is used from one owner and the assets or cost to build is coming out of the other partners funds.If you do not own a primary home you can build a home with as little as 3.5% down but cannot use an investor for that option. 

In turn the seller can take action against you because there is an agreement between you and the seller.This is true UNLESS you did this deal as an actual "assignment" and the contract between you and the seller has "or assigns" as the buyer and you notified the buyer of the change in buyers prior to the deal falling apart.

Even though I had financed hundreds of deals prior to doing my first one personally, I made a lot of mistakes.

Same story for tenants - if you have issues prior to move in and a lease being signed, you don't rent to them.

If I had known this prior, I would have never provided our data feed to this makeshift company. 

If the prior owner made a lease with the tenants and you purchased the property (and the lease), I doubt you'll have much luck evicting them just because you don't like the rent amount or lease term. 

You just need to close correctly and legally.We have several information and instruction documents we send out for free to anyone wanting to learn.I will reiterate -- no fight intended -- just advising what we have seen, done and developed over the past numerous years.Stay safe out there guysAlan 

@Will Mejia if you reinvest prior to the end of the calendar year into the right type of property where bonus depreciation is taken, you may be able to reduce your tax exposure partially or completely. 

The other catch is you have to either document prior experience managing rental units or use a property management company if you need the rental income to qualify. 

Additionally, you should probably instruct the PM to dry out the attic if you have with fans and / or a dehumidifier.