A lot of agents don't want to have to educate someone who is broke and has dreams of financial freedom through real estate just to find out you can't buy.

@Caryn FischerI agree with Jaron, you should definitely have a consultation with your tax accountant and/or financial planner before you do anything. 

Is it possible to keep my land loan out of it to keep the total cost low?

If the prospects look financially shaky or sketchy, I ask for the name of a co-signer - and collect payment for a background check on them.Verbally, I also ask when they are interested in taking occupancy, and I tell them the application will be made part of the lease agreement - that I can evict them if they've lied in their application.

Distressed properties are real estate assets that are usually sold at a discount due to financial or physical distress.

All of which nothing will help him because the loan is still in his name. 

Sellers who are in financial distress or dealing with a property in poor condition might be more open to this type of arrangement if it helps them get back on their feet.The key to making this work is transparency and clear communication.

For example because New York is a generally more expenisve market, you have larger loan buy downs, bigger dollar appreciation, etc.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

I have closed three loans with The Mortgage Shop.