@Devin James My bet is on that they close. 

Or the developer can close on the land at risk but they have a lot of capital when that's the case.  

If it's a QM you won't be able to close in a business entity like a LLC, although in some cases you can transfer into an LLC after closing.

If you have a good FICO, a decent down payment and closing costs, go ahead an do the first one. 

Closing CostsMake sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction.

Quote from @Peet Bothma: I'm a foreign national and I just closed a deal on a duplex at 5.75% an a 30 yr fixed and 75% LTV in Wisconsin. 

You always have to watch for scammers but they aren't that big an issue.

Many don’t track this statistic as closely as they should which is why many lenders go under.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

Watch the BiggerPockets podcasts.