Try to put a bigger down payment in than you might need to give yourself some breathing room.2.

Despite the program's claims of providing exceptional training and support, my experience with Kristin has been far from satisfactory.First and foremost, I find it necessary to address the issue of non-payment.

I have been digesting all things Real Estate so right now I am working to lower my DTI while saving at least 6-7% for the Owner Occupant down payment (to include closing cost, etc.).

However, with a SFH you will lower your standards when vacancy arises more than one month as you have no income coming in to male that payment.  

Would it be wise to buy the land with cash we have or utilize as down payment to avoid PMI?

They are short term loans, usually 6-12 months, high rate, interest only payments. 

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

I am of the opinion that you'd be better served using that money toward the down payment on a property.

Based on the CU's loan calculator, we can finance that over 60 months for a $320 payment. 

Several have mentioned utilizing low down payment second home loans for qualifying.