Last thing, I would strongly consider consulting with a knowledgeable property manager or attorney once you have a copy of the current lease and all of the facts.

Since you are renting out part of your primary residence in Maryland, your main concerns should be liability protection and tax compliance rather than complex asset structures.

DSCR/hard money are non owner occupy loans.If you decide to do FHA203K for the first home - a 203K consultant/inspector will be required for the standard 203k loan, you will unlikely be able to serve as GC and you sign a 1 year occupany affidavit.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

If you live there 2 years or more before selling you will be exempt from tax on the 1st $250k in profit which is a nice bonus. 

It seems the profit would cover taxes, and you would have more capital to do other stuff. 

First step is to figure out how to buy the land (if it is even for sale); I have the name of the owner from the tax rolls, so I think I will start there. 

Always conduct your own due diligence and consult with a qualified professional before making any real estate investment decisions.

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You could look into forming a C Corp as an alternative way to own this property that could affect your tax returns differently, I am not a CPA or giving tax advise.