I had a drafted reply to you and still working on this deal. 

Owned land is being sold at near building cost or a bit above building above cost (this is CA mountain building costs).  

I imagine there are more neglected homes like this with some potential in your area.

My team is also well connected to this sector of the industry allowing us to be experts in Land listings as well as have access to numerous Off-Market Listings.

This will give you an education about managing rentals. 

Was this admin fee in the agreement with the PM? 

The LTV ratio must be:75% or less, if the seasoning of the mortgage loan is between two and five years.80% or less, if the seasoning of the mortgage loan is greater than five years.Hope this helps! 

Yea, dont do this!

Keep in mind, though, that this approach comes with higher down payment requirements and interest rates, which may not be as favorable

It still works for me to this day.