Isn't that what they should be worried about since they are assuming the risk?

$1,200 rent from a property worth $170-225k+ does not make a great rental.It sounds like this may be a better flip opportunity assuming there is that much equity potential.

Assuming they know what they're doing, they will quote you in terms of 'squares' or square yards of roofing needed.

I will assume that you want rentals. having experience before getting into apartments is a myth. 

If anything it might help you slightly since I'm assuming you're not on the mortgage either.

The left side assumes all terms remain the same over 30 years.

I can think of a few other ways to make use of the land, perhaps, to collect revenue, but for now, from an investing standpoint, how would you guys approach this deal assuming its a good one ( low monthly payments, no or very low interest).Is it uncommon to have contigencies in play in case I can't make use of the land or sale it to someone else within a timeframe so I'm not stuck with a bad investment?

I would assume yes since it's going to sit there in the reserves, and I will be treating it as if it cannot come back to me personally.  

@Brandt Gentry that would put your loan amount at ~50% LTV assuming your current value is accurate. 

I'm assuming it's vacant but it could be a second home.