This doesn't mean you cant reject an applicant for other reasons you typically would such as income, poor credit, or criminal background. 

I wouldn't have to wait longer to prove my income on something that price.However, I'm wondering if it's a good investment or, like someone told me, "if house prices are that low, you'll likely be in a poor area and not have great tenants."

The fact its in a landbank tells me that it was taken back for some reason, which tells me its likely not a high commercial demand for development, but I could be wrong.If it is "on the main drag" in this town then I'd think doing a new build home to do a targeted and intentional air bnb would be the best bet. 

I bet they were valid.

Poor egress is dangerous.  

The deal was poorly marketed.

Your best bet is to find one that has flexible membership options, without high spend requirements.

I think you're best bet for private money is going to be to network at the meetups (Red Stick REI, RING) and on FB/here.

Then I read Rich Dad, poor dad which completely changed my mindset.

I could have found the money I bet, but I was scared to be a landlord.