He asked if he could get out of lease, I was a bit furious and told him he would have to find a way to stay 2-3 months, so I would have time to figure this all out and start the new tenant process again.

It grows in one location because there's excess moisture allowing the mold to take proliferate.The first step is to figure out the source of moisture.

hold some of that initial 100,000$ for reserves. if you spend it all and something goes wrong you wont have time to accumulate profit the first year to really afford to fix anything. then you'd be dependent on personal income or another loan to fix the issue if one arose. play it slow and safe at first while you figure out the game and take some initial hard knocks that are bound to come. 

@Robert EllisDid you ever get your land situation figured out?

If you don't know, figure that out.

We figured in time the subdivision would be built up again.

Also, if your rentals are already in service and the banks are using a blanket 75% of gross rents figure, theyre probably incompetent in their underwriting.

Say that I am selling the lot for $20,000  (the figure might vary, but we've got to use something).

I can't figure out what the economic forces are in the community driving the high rents and relatively low purchase prices.

You spent 4 years getting that finance degree so I would leverage that to get a job making the most money for the next 5 years while you figure out real estate on the side.