Yeah- I have family in New Orleans so that's kindof why I was leaning towards it/investigating.

Travel costs to look at other properties.If you travel but have not identified the property that you want to buy yet, the cost is considered an investigating cost.

Given that I am self employed, a few personal loan options, did preliminary asking about my situation, and they got lost in the weeds with how my real estate income looks so dismal on tax returns.

Hey @Christopher Charles - I have two preliminary questions for you.  1.  

Have read and done some preliminary research on assumable loans, and was wondering if you could help me understand the hurdles that go along with it.  

If it looks like you can subdivide, then you can sketch out a preliminary plan or several variations to give you a sense of how many lots you can build.     

The FBI’s Financial Crimes Unit investigates these matters for filing of charges on Equity Skimming violations.

My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Is it possible for her to buy the house/land then we subdivide the property (property has an approved preliminary plat for subdivision into 2-3 separate lots, electrical and pluming lines have been put in place for future development).

It sounds like you are investigating the DSCR route due to lack of investment funds.