I would like to know if I can preserve some/all of my liquid capital by avoiding an all cash deal for the lot/land.My thought process is...

Be intimately familiar with it or find someone that is. 6.Buy umbrella insurance to CYA. 7.If you do not hire a Realtor and are not familiar with contracts, hire a lawyer to look over.8.Make sure your credit score is good and you have liquid assets for more than you think you need. 9.Talk to an investor friendly lender to get familiar with the types of products. 

She came out of a recent divorce with close to $1M liquid and a credit score in the 800's, has history as a successful GC/landlady, but after liquidating her previous rental properties due to divorce 2 years ago, no longer has recent income.

How liquid is my investment?

With a heloc, you don't pay a penny until you use it, but it's flexible and liquid.

They raise capital for the balance sheet lend it out like other insurance companies do on prime assets  keep some liquidity for claims. 

Have Some Liquidity On Hand When we invest in your project, we commit to do everything in our power to help you succeed.

The more substantial gains you will realize over time are through appreciation and the other liquidity event tends to be when you have the ability to refinance assets when timed correctly.

It is a liquid plan and can and should be revisited at least once a year.

That is now my plan as I am liquidating the "losers" in my portfolio and working on building up my reserves to properly invest in the next investment.