Also need to focus on markets/communities that strike the balance of relatively low land cost, strong rental demand and include professional property management to strategically minimize vacancies and maximize rental income from day one.If you have more questions, feel free to reach out!

Paying off the land contract would be considered a rate & term refinance.Why limit yourself to 5 years? 

If income, expenses, and comps look legit, I'm thinking about $160 and hoping I can land it somewhere around $175K.

I didnt even mention land costs , and the cost of the construction itself , and commissions . 

It may change state to state.I recommend joining your local ULI group (Urban Land Institute).

Or get a job at a title company such as Stewart, Land Title, Superior Title, etc as they all heavily work with investors and are often hiring.I've heard of so many side hustles that beginning investors have done--Uber, flipping free stuff or cars, fiverrr/taskrabbit gigs...

The renter doesn't have renter's insurance to cover a hotel stay, but the house isn't in bad shape and very livable.

The idea was to purcahse the land, sell the timber, and have a flat land for development or resale. 

I have 2 separate Property owners where im located in Maine both looking to do joint venture deals where they provide the land and I get the project lined up and funded.

So to me Pinot land can only go so far.So wine tasting in the WV gets a little tiresome when every winery basically only has pinot and maybe one white. and or they buy their grapes from E Washington to make different varietals.