Others is buying dirt from the farmer platting it doing all the horizontal work then building structures . full gambit .. 

If you plan on buying 1-2 properties a year at $200k, is a commission between $3-6k.2.

BUT, if buying a new investment property you can use 75% of the appraiser determination of the new property.If on the tax return, you can use short term rental income OR long term income.

Congratulations about buying your first rental property!

I buy with an agent and stay away from sale by owner.

Buying another multifamily would complement the 6 SFH and round out your portfolio. 

Hi Rebecca, DSCR Loans are a great tool, depending on your goals this is a doable deal. 75% LTV is possible.The rate is not going to be pretty, but you can buy you down to a 1 year prepay, get your credit up and with rates dropping, refinance once again in 12-24 months.

I'd offer to buy the tenants dinner and a movie on his behalf.

Buy your next deal using a traditional mortgage and your own name.

You need to have enough money, probably in the $100-150k, amount to put the property under contract, and do the feasibility study on the property, Phase 1 Environmental, Property Drawings for roads, water sewer, and utilities, and have a completed budget so you know what your costs are.At that point you can go out and attract investors, I don't thing that developing raw land is necessarily cheaper than buying discounted finished lots.