I purchase the land from a local jeweler who I tracked down at his business and asked he was interested in selling.

I have been investing mainly in trust deeds but like you got connected with Dave and just recently ended up investing in his fund, my primary reason was for diversification and because it is passive. 

Hi Bruce, i'll start by saying i'm a mortgage person, so please understand the context in which my response is coming from. you'd need to create CC&Rs/bylaws and establish an HOA in order to do this.

Most of the responses show lack of understanding of how it works.

I used to work for his old business partner Conner Bland!

Your cousin should contact the lender to discuss his options.If he rents it out, he must report rental income and expenses (e.g., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.

Thanks for your insightful response!

I have no w2 job, a lot of toys (need to get a plane), can do what I want, can assist my son to find his way in life (he is leading his 2nd rehab) and if I wanted I have generational wealth (I have given away a lot money the last few years).  

The seller was willing to take a secondary position on other property assets and provide a 3yr 4% interest on his loan.

He owes them some money for work that they did and they filed a mechanic's lien on his property 3 weeks after he received the bill which was also one business day before he was scheduled to sell/close on the property.