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.

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

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. 

It might be payment notices are going to a different address and it is simply overlooked. 

Does a DSCR loan require 20-25% down payment?

The retaliation claim is completely absurd in a non-payment case, but it has unfortunately delayed the eviction process even further.I’ll look into connecting with local landlord associations and advocacy groups.

Make that rent payment out to you and pick up a roommate.