Carefully review your insurance policy to understand the terms and conditions.

You're being a bit short sighted in a long-term game. $200/month net cash flow today is an 8% CoC return in the scenario you described.

Leave it to the experts is my recommendation on drafting all the documents after the terms are agreed too.

@Jaquon MillerDepends on your long term goals but based on what you wrote, I would strongly consider refinancing

I am pre-approved by only one lender for my first property. 

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Make sure the terms of the mortgage loan offered on your land are “soft”, something like 0 interest with payments of $500 monthly for 120 months and the.

Don't fall for the term sheet bait.

I’m eager to expand my network and forge profitable, long-term business relationships.

So, there is a premium demanded by the property owner to lease his property short term rather than long term.