https://vzcad.org/temporary-exemption-for-qualified-property...

You can pay the loan with ANY money, but you simply use your spouses income to qualify for the loan. 

With Fannie Mae and the other conforming loan programs you still have to qualify to be approved and deemed you can afford the new purchase.

For example a DSCR (debt service coverage ratio) type loan looks at how a rental performs to determine how it qualifies for a mortgage.

The value of the land is estimated to be about 35% of the total cost of the project, I have an excellent credit score, high income and very low DTI so qualifying for a loan would not be an issue, other than the fact that I am not a GC.

Qualified mortgages (VA, FHA, conventional etc.) get underwritten to Fannie/Freddie/Ginnie standards and get sold on the secondary market as securities.  

As you know, the reason you qualified for an FHA loan/rate/downpayment is because you demonstrated to the bank that you're going to be using it as a primary residence for the first year. 

With DSCR, you will qualify the deal based on the property's income and not your W2 income. 

Get pre-qualified with a mortgage lender - I have a recommendation if you'd like. 

You may also need to show STR rental history on these properties from the previous owner if you are looking to qualify using short term rents.