Also, get a "transfer of Property Management" letter from seller at closing, that you can send/show tenants so they know exactly who you are.

Cooper) said that the mortgage is assumable (there is path that would allow me to remove spouse from mortgage and retain the current rate), but the process can take a while, is subject to fees, and they need to reevaluate my ability to qualify for the mortgage without my spouse.

Some renovations loans out there but the rates and prepays can be painful.  

Our initial idea was to build-to-rent two 1,300 sqft homes on the additional tracts of land, but after speaking with lenders, the current interest rates made this unfeasible.

Furthermore, we have a less than 3% interest rate on our home, and we love were we live.My family and I are finally getting to a position in life where we are financially secure.

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Flippers pay the highest taxes possible as they are paying regular income tax,not even capital gains tax rate, much less zero tax. 

When tenants are so far behind, there's a good chance they can't afford market rates.

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

Just trying to figure out our options here, would love to keep the interest rate if possible for obvious reasons.