There are pros and cons to both approaches, so I would love some input here :) Alternatively, if this doesn't seem like a good enough deal in general, please let me know what you think!

Or, is there some other alternative?

Alternatively, you can wholesale and use that amount to start marketing.

Next I would consider alternative uses for the land, and market the sale toward those uses.

However, it allows you to use the vacant rents of 75% market rent as an alternative income to help the borrower to qualify.Happy to connect and assist you in your real estate investing journey.

Alternative strategies include financing in the LLC's name or using house hacking to generate rental income.

Financing with a 5% a year mortgage, with 12% returns a year, with 5% to me and 2% to managing agent was one idea, but alternatives to real estate is also fine. 

And at exact same time forced the use of an alternative one, remote working.

Sounds great but no pathway to an alternative.  

An insurance policy is a possible alternative if you or the prospects can find one.