Separate accounts per property incurs a lot of overhead, such as minimum balances or fees for missing the minimum.I use separate accounts for each tenant's security deposits.

@Jon Ankenbauer you won't be able to keep the land separate from any future construction loan.

It’s all about securing the right agreements and understanding the rules. 

So a loss of about 55k We did a lease to own option so I could immediately take over expenses but keep their primary resident loan and interest rate.We agreed to a deal which would cover all their expenses at closing, their remaining loan balance, and $45,000.

Unless the medical condition meets the state criteria for early termination and that the medical notice does not appear to suggest that, you cannot terminate the lease outright/immediately but that you will begin to market the property for rental and upon securing an acceptable tenant, the lease can be terminated pending a satisfactory property walkthrough indicating no damages. 

@Craig Holland Land is often sold with owner financing, in part because buyers have a hard time financing it, and in part because buyers often only need a short time before they can build on the land and refinance out of the seller loan. 

Instead of a traditional down payment, I would give them some money (maybe just to bring the loan back to even).The upside if taken over the loan at the current balance, with some rehab and hopefully getting the front lot back would be a nice ROI. 

If he has a $5MM loan in place, what was that used for / is it coming due/ was it short term/ etc.?

So a loss of about 55k We did a lease to own option so I could immediately take over expenses but keep their primary resident loan and interest rate.We agreed to a deal which would cover all their expenses at closing, their remaining loan balance, and $45,000.

Pretty common, you can definitely use commission as down payment conventional loans and not have it count toward IPC as long as you're on the loan.