Mail is a numbers game.  

this would change the game drastically.. in the amount one could pay for the property at the sale. hope this makes sense.Also @David Krulac stated that these liens get paid in a certain order..

Remember this little nugget: There are 3 things you need to do to win the money game.1.

Everything you suggested was the original game plan the house will be a rental or air bnb and the land was bought with the intentions of having tiny hones put on it.

It sounds like you're ahead of the game here because you're focusing on your local market, which certainly makes things much easier. 

Having an agent (who's on top of their game) and who you mutually respect/get along with well, is there to reply immediately and provide you value.

As for why the way it was explained to me it seemed feasible to do, even this late in the game. 

With current rates, inventory and demand you may have to bring a little extra down payment.But real estate investing is not a great cash flow play, it's more a net worth game.

Do you think this type of financing is a game-changer, or are there pitfalls to watch out for?

I'd reach out to a lender in your area or the area you're interested in investing in to get a game plan together.