Quote from @Griffin Malcolm: Open an LLC and apply for a small business line of credit from Key Bank.

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.

If you're using traditional financing on your primary residence, they're going to do another credit check on you just before closing.

For example, there are many local credit unions that offer loans with as little as 5% down on multiple investment properties with no PMI.

Prepare financially by saving for down payments, improving your credit score, and setting aside emergency reserves.

Since I'm a new immigrant with no credit score, a DSCR with 30-35% down payment is my only option, so the 50K need to include that down payment alongside all other costs (closing, rehab, etc). 

Did you finance this deal with a local bank or credit union?

Should We:Sell, take advantage of the capital gains law, move, and pay the mortgage off on the new house, credit cards, etc…?

If Don fails to pay, the bank will certainly go after me, it will at least ruin my credit and will likely take me to court.

You end up having to sell to someone with higher down payments, better credit, better operating plan, and 100% investors who never want to pay top prices.