Could anyone help me understand how would a hard money loan work for land purchase only? 

The hardest part is understanding the laws in each state and making sure you comply to them.

Anyone have an attorney that they could refer me to who’s investor friendly & that understands as well as structure wholesale/assignment of contract deals in Orange County NY area?

I would add you should only do business with a lender who can BOTH. if the LO does not understand how DSCR loans work then then they would likely not be a good fit.

The weed and drugs they are doing should be a clear indication of getting them out and getting other people in (however this looks for local city/county allow you to  get them out).

With cash out refis, there is no market input on value.The time period since acquisition is also an issue.If I understand the numbers - $30K plus $440K loan plus $80K assignment fee - total “purchase” price is $550,000.I would assume lender is asking how is current value one year later $725,000 when you effectively paid $550,000 a year ago?

I've found that successful flippers are people that are DO'ers. 

I understand that a rental listing will not generate as much as a sale would, but I think a minimal standard should exist (especially since I plan to buy properties in the future).

Because people fall in love with returns and do not ask how is that possible…Of course investigation is ongoing but this is all alleged.https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26076

Our understanding is that if we designate the $60K as "OPTION CONSIDERATION" - these funds and the USE of these funds are NOT Taxable to the property seller UNTIL one of two things happen; # 1 the OPTION gets exercised, or # 2 the OPTION gets cancelled.