That means you get to save them until:a) you have passive income in a subsequent year.

I don't see assets being a huge concern but they do like to see some liquid reserves and that amount will grow as your debt level grows with each subsequent purchase.

They insert a hook from the street, slide it through the pipe until it is inside the house.

You won't have anyone on your side that you can trust during your subsequent negotiations.

But I was not in a hurry to sell, as I subsequently explained.

I was also told by another investor that I could finance as a second home and then put it in the Llc I’ve created subsequent to close.

Don't want to start up a relationship and a long list of why/poor me/etc....Better to just let them slide and if they try to contact you, just say that you have found someone else....period.

More so whichever lease that is used good strong rental criteria and adherence all terms by the landlord and not allowing tenants to slide is the best way to not need the lease in court.  

I also wanted to know what your recommended strategy would be to get this type of business started: buy 2-3 lots in year 1 and then stagger the site improvement process by a year, buying about 3 lots each subsequent year to have in the hopper?

Aloha,You have allowed the Tenant to slide by without paying...don't give away even more money by trying to sell this dog while the deadbeat Tenant is in it.