Acquire the land through a seller-financed deal for the deed to the land and use it for collateral to cover the 20% down payment needed for the construction loan.

If you want to operate as a co-host, you'll need the property owners name on the lease and the rent payments need to go directly to the owner.

The pennies saved today are at cost of the dollars tomorrow when cutting out "boots on" professional management. 

Evaluate your savings, income, and outgoings; moreover, educate yourself about mortgage alternatives and programs that help with a down payment.

In the past I have asked for a higher deposit but I just dont want to deal with any potential non payment issues nor evictions. 

Cut the losses.  

My current home loan is a heloc and its pretty much maxed out from using it for a down payment on the first property and its also climbed to 9% so I  need to get it redone to a traditional mortgage and get the rate down on it.

Especially for a tenant who has never done anything wrong in the first place, not even late with payment.

I'm trying to get used to the timing of when the different payments come in.  

Even then you need a business license if you are collecting any kind of payment for it even if it is your place.