I need more adviceJust now I suddenly had an idea, the land left by the LA fire and SB-9 (SB-9 allows single-family residential lots to be split into two lots)Is this a good opportunity?

(The app now has a toggle button that allows users to see the total cost before taxes.I think the hotel and vacation experiences are just two different things.

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.

Also check into bylaws to see if you are allows a second freestanding dwelling on your property.

That will keep your out of pocket lower and your $70k would allow you to buy two properties.

You have to complete Schedule E if you have rentals.You should check if the turbo tax premier version allows the filing of Schedule E.With that said, using a software like Turbo Tax will assume you to understand what is deductible.If you work with a tax professional, you are more likely to have an accurate return.

It does sound odd to me that there are no inspections allowed.

Would I go to the current owners bank to see if they would allow a subject to loan? 

Thank you for allowing me to join.  

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.