What is your plan to expand your real estate portfolio? 

Southern border of the land is Wilson Creek (a large, well established, full time creek with old growth trees)Approx 1 acre of non-recoverable flood zone along length of creekTwo small ponds on the property, which can be filled in to utilizeSmall neighborhood to East of property line with utilities ready and available for project Currently a couple of older homes and barn structures on property (100% liveable and well maintained)Wilmeth Rd is currently expanding down the block to a 4 lane road which connects to Highway 75 in McKinneyLarge developments are underway within a 1/2 mile to 3 miles out radius<4 miles to Costco, ChickFilA, WholeFoods, Cinemark, major hospitalAT&T Fiber and Atmos Gas at front of propertyA water well can be run, if desired, or tap into the city's water (currently on city water and has large main at front of property)A CE firm has drawn up plans for a small, 12 home, 3/4 acres development.

Traditional banks sometimes balk at it because they see it as riskier, but local credit unions or regional banks tend to be more open to it, especially if you can show a solid plan for development or resale.

I plan to follow the BRRR strategy and build a portfolio of long-term rentals.

By accepting this payment plan for so long you may have created a situation where it is considered an agreement between you and the tenant to pay this way.

Or plan to get into a House Hack when you graduate and half a good-paying job.

I plan on starting off on the contractor side.

If they are deemed responsible have them pay now out of pocket, or worst case you cover it and come up with a written payment plan for it (but ask an attorney about that for sure).Too many people use their deposit as last month's rent at move-out even when they're not supposed to, and now you have past damages (this incident) and any potential move-out damages or costs that have not been covered. 

Make sure your land is zoned for the type of structure you're wanting to build by calling the city/county planning and permits office. 

Overall I think it’s a great solution for smaller portfolios that you can easily spot any discrepancies, but if you are a larger portfolio or planning on becoming larger in the next year or two, I would look for a double entry system that allows bank reconciliations!