I'm looking to start out slowly while completing my masters program starting this fall while simultaneously decreasing my living expenses and earning some passive income. 

If we went this route, then we could flip and invest in another property simultaneously.

And yes you can use both in sequence or simultaneously. 

Sure, we could stay in TN and work crappy jobs and save or we could chase happiness and career simultaneously.

If you close the land and close the construction loan simultaneously then you will be stuck with the lower of the purchase price or the appraised value  If you purchase the land first and then close the construction loan at a later date then the answer can vary from lender to lender.

At times multiple foreclosure actions could be going simultaneously.

Stop buying properties if you could not pay the monthly debt payment on the notes on ALL properties simultaneously for 3 months without wiping out your savings and other investments. 

You'd have the same, higher cash flow number PLUS an extra property building equity for you simultaneously. 

MTM agreements allow landlords more options.As to whether you can serve multiple notices simultaneously... for most jurisdictions the answer is yes.

One is your reserves- almost every lender will require that you have reserves that will allow you to "float" for a few months if every property you have is simultaneously vacant.