A good rule of thumb is to keep 3-6 months of operating expenses in your rental account as a cushion.Once you’ve got that covered, you can start investing the excess.

Thankfully, my wife is still working, and we have a few months’ worth of emergency funds to cover our expenses.

I've seen banks be very competitive with blanket loans that cover multiple properties and/or multi-family properties, e.g. 5+ units.Mortgage Brokers (obviously I'm biased) - Brokers have the ability to work with all of the above and can get you to the best lender for your scenario right away instead of having you waste your time with the wrong type of lender.

The amounts of square footage cover is so low the delta becomes a rounding error. 

She said she has requested a check out of her 401K to cover rent but doesn't know when the check will arrive.

It typically covers the structure under construction, materials, and equipment on-site, in transit, or stored elsewhere.

Buying & selling it as land, no development.Perhaps what I have covers all the bases I am looking for. 

Ben Russell has done an excellent job of covering differences in the lease.

I believe subject to transactions, done CORRECTLY, between KNOWLEDGABLE participants, with FULL DISCLOSURE, are typically successful transactions that have benefits for both sides.  

When ever I had gotten too persistent about sending photos, he would change the subject or find a reason why he couldnt document the progress.