I would reach out to a lender or local bank to get a plan together.

Wholeselling this would be amazing, but even better would be to get an assignment fee and become,   Current Offer Plan: Plan to offer 3 flavors. 

If your plans are to buy the land, build an investment property and your friend run/manage it.

Save money, invest, learn how to manage your investment.

Hey @Amit Desai, yes if you are planning on renting it you will be in that investment load space.

If I buy a new property as a primary residence and move into that new house, will I still have to pay a down payment for an investment property if I plan to rent out the house I currently have after I move into the new house?

They need to speak with a lender who can pull their current entitlement charged for the current loan, and then they need to tell the lender what County they want to buy in and how much of a home and downpayment they plan to purchase.  

Putting off another year to save up and then purchase another will likely only guarantee that the new property will cost more then than it does now.

In terms of timeline, don't plan for it to be a fast process, your rockstar local loan officer will not be processing the assumption, it'll be a group of call center people reading scripts from a computer screen.

After 12-18 months we plan to refi with bank financing, we are just not in a position we can do that quite yet.