Fannie instituted that former requirement due to "buy and bail" schemes during the Recession, where people with underwater houses would buy a similar home for way less than their current loan balance, and immediately stop making payments on the underwater home.

Very similar to off market properties that are sold...buyers typically have to pay their agents, as the sellers don't usually want to pay out a commission. 

Find someone locally (via BP or local REIA meetings) that you trust and that has similar values / goals as you. 

But if I have no say about the land, it’s another.To paraphrase @Greg Scott, there are similar/better yields in safer locations.Sure, the war may soon be over and the values will double.

If that happens banks might start looking for ways to get out of low-interest notes and call due old notes, similar to how companies can call a bond due.  

I know you have moved beyond this but on the chance that a similar situation comes up in the future I offer a few ideas.If you are really serious about getting a property then you need to leave time to make an informed decision which it sounds like you have realized.

I suppose it may work if you have a burning desire to do it.my partner in my airplane is doing something similar in Oregon he started a tiny homes manufacturing company ( making his own) and he owns a nice chunk of properly zoned dirt in Oregon 10 acres .. its worth about 3 million as it sits.. but he is going to sell the tiny homes then do 50 year leases on the under lying dirt so in essence create his own park as it were.But he has the Dinero to follow his whims and social desires of creating affordable housing for the mass's. 

Unfortunately most of us on here are interested in properties similar to what you are looking for and outside of the cities may be harder to find because there tend to be less properties. 

Correspondingly, all business income taken from an LLC under similar circumstances is subject to self-employment taxes.

In the future, any similar situation, hire someone else to do the work, show the Tenant the receipt, deduct the amount from the security deposit.