They could enjoy use of your land that way.

I am a newbie to RE and just my own personal home and some land.

If the place is in decent shape I would offer to credit it toward the next month's rent and write addendum including no future pets.

great alternative to small time investors with limited capital.. doing 20 though would be quite a bit of work.. selling coaching has basically zero liability when you start to manage investor capital your liablity goes up a ton in the unlikely event of a water landing..

This heloc does not, in any way shape or form, affect my wife's DTI.

Let's assume that the neighborhood is a C class and the median income of the city is greater than 3X of the market rent.Here are some of the considerations I've come up with so far:- Units are in need of renovation and capex is too high or not available- Unit quality is not the same as market - Seller is worried about losing tenants due to increase- Vacancy rates are high or filling units have been difficult- Rent increase would take multiple increases over multiple lease periods to get to market rate if seller is trying to retain the same tenant- Seller inherited property and just want to liquidate- Seller needs to liquidate quickly (financial burden, sickness, quick exit from land-lording)It seems like I might be missing a warning sign about a deal if they are selling with current rents that are under market; but again, this seems to be most of the properties I've underwritten.And in the same vein, what should I be worried about when purchasing a deal with under market rent with the intention of raising them after purchase. 

Quote from @Cliff Benner: @James Carlson what cities or counties are you seeing, in the more mountainous areas of CO an hour outside of Denver, that still allow STRs if you live on the land the cabin is on? 

In sum, I need the land for my DADU, and the Seller needs $200k cash.

Being fairly new to land lording I felt the need to gather a bit more insight from other seasoned professional with how to proceed, but you're absolutely right. 

Reach out to my survey and engineering company that is doing our plans for our land.