The lender is pushing you to do this to get an FHA loan.

Why not take out a loan from the equity to pay off that debt?

As for financing, make sure to explore options for using rental income to qualify, and be prepared for a 20% down payment.

I would second the simple spreadsheet.

It has BRRRR aspects to it. 

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.

What ever you're doing to find/buy/create deals is working.

I was using Cozy and it was super simple and easy to navigate.  

@Ella Marie, I can't speak on behalf of your market, but in my respective market, competition is tough, and the successful fix-and-flip vendors are often full-time operating businesses.

DP is likely to be ~$55,000.