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I am looking at purchasing a property that was previously a 200+ acre lot that has been subdivided into 2 acre lots. 

when you purchase a property, there are closing costs on top of the purchase price, and closing costs can be substantial - especially if there are points on the loan. 

I am planning on purchasing a $350k property with DSCR loan.

Instead, consider a DSCR loan (based on rental income) or refinancing into an investment loan post-purchase.

Although you cannot sell real estate without a license, you can learn a lot by assisting an agent, shadowing client appointments, etc.

My wife and I have an opportunity to purchase a property in South Lake Tahoe from her father.

With you being qualified for an FHA loan on your next home that you're purchasing, will you be using the rental income from your departing residence to offset the mortgage payment on that property?

Usually I don't like to buy or recommend to my clients to buy where there is a lot of new constructions going on that don't have a cap on how many properties they sell to investors.

Purchase price: $120,000 Cash invested: $150,000 Dilapidated house.