The only Landlord tenant lawyers near us want $300 minimum to say hello and hint at hours and hours to work through this.

If they hint that you can make up your own bank statements using a template they provide, I would reevaluate everything else said. 

HOA's are the real killer here, if you set up a conservative CAP-EX account you can almost always beat an hoa payment.But aside from cash flow, which I think you were hinting at, the other consideration is the Internal Rate of Return.For a single-family home with no HOA, you're buying power increases a bit (assuming you're not maxing out your 50k on downpayment).So if you can get an extra $50k of property for the same costs and both appreciate similarly (let's say 3%/year) that's an additional $1,500 in equity each year for the SFH.PLUS since your payment no longer includes an HOA payment more of your monthly is going toward debt paydown which also improves your equity position (less significantly at first but still a consideration).These might seem like small considerations but they'll put you in a stronger position to refinance and buy more property sooner.LAST THING:You're obviously a pretty smart guy who saved a good amount at a young age, kudos my man!

So the farm will not be an issue.Daniel it's a joke with a hint of truth.   

In doing so, hopefully I’ve given them a hint on how to care for the place.

And have the real estate attorney you use (hint, hint) look at the leases.Also, look at each lease.

Additionally, since he already has an end buyer lined up even before closing on the deal, this would be a classic transactional lending situation until the end buyer for some reason backs out or something else happens and you now may have funded 100% on a deal you may now have to foreclose on (worst case), thus not a Transactional Loan, and would then fall into another loan category, hints not A Transactional Loan as the dynamics COMPLETELY change, for example when the lender sends their funds.which is why myself and other Transactional Lenders don’t classify that as a Transactional Loan, that would be a short term loan but requires additional vetting of the deal, the borrower, loan docs etc changing up the complexity of the deal to no longer being considered a Transactional Loan.

Hint- there is another thread going on this right now, check it out....

But there are hints and solid advise.

Hint: there's likely not enough equity.