I can think of a few other ways to make use of the land, perhaps, to collect revenue, but for now, from an investing standpoint, how would you guys approach this deal assuming its a good one ( low monthly payments, no or very low interest).Is it uncommon to have contigencies in play in case I can't make use of the land or sale it to someone else within a timeframe so I'm not stuck with a bad investment?

One, since you brought it up, is the ability to find properties cheap enough (which requires a big skill in either negotiating or identifying deals others don't notice) that you can put the money into the rehab and your margins and the total price to the investor not be more than what it can appraise for.

My father-in-law approached me and my wife about turning his current sfr in Metairie, LA into a duplex via ~$100k add-on project.

I brought it up to Stephan and his response was - “we are a start up and we take time to enjoy our weekends too”.

@Brian Garlington  Great advice Brian, appreciate it very much.I got really excited after learning all this, and then I brought the idea up to my brother. 

if the only option that would work would be seller financing I would approach them with that first.There are several people who do short term rentals on here, I could put you in contact with someone who runs a business managing these if interested. 

Hi Mike, Its always great to network, grow connections and see how others approach the same issues.There is a monthly meetup in Manhattan which myself and others will be attending.

I’m based in Oakland and would be very interested in learning more about how you approached this deal - I’ll shoot you a PM!

My approach was always to inform the seller know that if we market the property as a listing, they could possibly get more.  

Your mostly conventional approach is limiting you.