I believe charging a small upfront fee ensures the borrower is serious, covers the real costs in case the borrower decides to go a different direction (loan from friends & family etc.).

Either way ensure you cancel your contract properly if needed.

I'd like to get some creative ideas on how to make this land in NM work for me.

You have to get creative.

Too many repairs, not enough equity, he had no cash to come out of pocket for the creative deal I was trying to put together for him.

Make sure you get it reviewed to ensure it's legal in your state.http://www.biggerpockets.com/renewsblog/2010/02/17/whats-in-a-contract-contractors-rehabbing-real-estate/

Options two could be to use creative ways to purchase homes directly from sellers..

I'm a soon-to-be college graduate from FSU with degrees in both Creative Writing and Classics (as my father puts it, "Pretty Words and Plato"), and I currently own my own web design/marketing company.

You'll have to get creative.

Haha I like that you're thinking creatively, that's great.