I think you have blended two approaches together, the short sale process and a subject-2 transaction.

The 5.75 is a starting cap rate and you have to know what the blended cap rate is over time with annual rental increases.I know a lot about this because I was in the food industry for over a decade and I am a commercial principal broker and also a real estate developer.Your land I would have to see how it is positioned to see what appears for the highest and best use.I am happy to jump on a call if you like because the scope of the conversation needed cannot be covered in a forum for your individual situation.  

Pretty seamless.

Technology advancements such as email, phone calls, skype has enabled communication with a remote CPA to be seamless.

Technology advancements such as email, phone calls, skype has enabled communication with a remote CPA to be seamless.

Hopefully your lender will make the above mentioned underwriting seamless and timely but keep in mind that every Bank and or lender may have a different risk appetite or comfort level with any given situation.Best of luck!

The way to avoid the assignment issue, which is absolutely true, you need to get under contract with either an LLC or a Trust; both of which can be transferred to another party, seamlessly, avoiding the visibility from the bank.

Private money by way of equity - partnership of some sortNumbers 2 and 3 can blend with conventional financing - portfolio loans.

For MF I have seen some 80% ltv but it depends the cap rate you are buying at.Even then rate is high for more risk like a 6%.If you go less LTV for first and have seller carry the second then you can try and blend the rate down into the 4's possibly between the 2 loans. 

West of 65, south of 64 is a mix of rough characters that slowly blends more towards rural(ish) working class as you get farther southwest.