These loans do come from banks directly (Fannie/Freddie loans come from the Federal Government) so each bank that offers these types of mortgages might have slightly different requirements. 

Split the difference, 57,500.

If the structure on the property is determined to have no value, be careful when you consider paying the “value of the land”.The value of raw land is different than the value of land with an existing structure, even if the structure has no value.  

Commercial financing is 100% different (and easier lol)! 

welcome. go to as much networking events as you can and mingle. there are great posts on this forum which you can learn on many different topics. the podcasts are great. if i can help in anyway, reach out

The main criteria is consistency with adopted plans.

How long it takes to be financially ready is different for everyone.

I'm guessing you got the same letter I received from REVA, although mine was in reference to a different DST - Reva One. 

How long it takes to be financially ready is different for everyone.

Also @Andrew Syrios thank you for your opinion also, it´s pretty much helpful to have different opinions and perspectives, but still difficult to decide when someone it´s just beginning.