Was able to build an ADU in the basement, rent it out, and gained around $150k equity in the process.

So just know that you need to really research how the auction process works where you are at.  

If you hire someone to manage the business, then its manager managed.

Currently, we own 3 lots and are in the process of building the first single-family rental which should be done by summer.

Some of the orgs have silly, or poorly thought out internal processes that lead to issues like this.Not a good sign, as several have mentioned.Recommend getting to the bottom of it or replacing them.

The easiest route for showing the property and running background checks would be to hire a property manager.

I think yes to the LLC but you can do that after you purchase. it makes things unnecessarily complicated IMO for the purchase process.

I hope this helps give you a little insight of my thought process with it all.

I would like to know if I can preserve some/all of my liquid capital by avoiding an all cash deal for the lot/land.My thought process is...

The underwriting, paperwork, origination, funding, payoff, and all other processes remain unchanged.