While state specific leases are simple and can work, spending the extra investment and having a real estate attorney help create one for you will likely create more value/protections and save you money in the long run

I have another one were I optioned 120 acres that just got brought into long term planning for chips act. paid 5 million for it and spend 10k a month negative..

If you are planning on living there (ie in 1 unit) then you are house-hacking and this is a different calculation consideration then renting out both units and making it a true investment.

My original plan was to buy 15-20 properties with REI if things went well. 

With the right team and planning, it’s a great way to start small, build up cash, and scale up from there.Remember: Start where you are, use what you have, and grow as you learn.

This is what chapter 13 BK allows a work out plan.

Do not spend profits (or pay yourself) for atleast 6 months.

I generally prefer higher since I don’t plan on putting in small claims, it’s basically just for catastrophic loses and the savings in premiums over multpiple properties for multiple years should balance that out if I have ever have to use the insurance.

Have you started any projects out there yet, or are you still planning?

They can tie up the property with a lis, but if you're not planning on selling, doesn't really bother you.