With how busy architects and city permitting is, you could be looking at a year before you break ground.

Below are what I know as options.1) Conventional - My dad gets the lump sum, but I don't get any benefit 2) Land Contract - My dad wins the "long game" with financing it to me, maybe he'd offer a price break.3) Living Trust or Land Trust?

The rest of the 11 years I spent holding 2 SFR rentals breaking every rule in the book along the way.

Also, start breaking down your specific questions.

The PD may not give that to you, it may require an administrative action my their government body to give such agreements, if the don't I'd still not worry about it. 

And I say ASAP because an appropriate rental for me to move into just became available.Here are my assumptions: The condo will be fairly easy to rent The rental income will only cover 75% of my monthly expenses on the condo (mortgage, taxes, HOA fees) but I'm stuck paying those regardless.The rent payment for my new place, and the rent I collect, will be the same on a monthly basis (break-even)Repair/maintenance costs will be the same whether I live in the condo or rent it out (break-even)I will incur new costs for professional management and potential vacancyThe condo is in a good location and I won’t be underwater in five yearsMy front-end DTI is 28% and I have excellent credit with no other debtHere are my questions:From what I’ve read, there is some variation in what lenders require to use rental income to qualify for the next mortgage.  

Likewise you don't have to use a lawyer when you get sued and you don't have to use a Dr. when you break your leg!  

Jack, welcome to BP and Charm City Baltimore where the city is about to break records for the most _______________in America. 

But if we break even, we'll still consider that a success. 

KNOWING WHAT TO DO MATTERSWhen you are upside down on a property or close to break even, it is sometimes costs more money from your pocket to sell through an agent.