@Richard Edgar doing a cash out loan on land is EXTREMELY hard...I might even say impossible...but I can't speak for every lender in the country on this though. 

All in, my mortgage is $1,100/ month and all comparables are renting for $1700/ month in my subdivision. 

Are  there  any lenders  out  there that can help me with some clarification?

My question is do I pay taxes on that 355k boot although it was in the form of a mortgage?

I took out a mortgage through the builders lending company DHI Mortgage but have since paid it off in full with the proceeds from the sale of my home in Maryland last year.How did you add value to the deal?

I just don't know if I will be happy or feel safe living in some of the homes/neighborhoods that I would be able to afford paying cash for.I've heard opinions for everything from 10 year, 15 year, and the 30 year mortgage options.

However, Texas Eviction is telling me that since my loan is "federally backed" (my understanding is that this means that Freddie Mac or Fannie Mae owns my mortgage loan) that I have to post a 30-day notice instead of a 3-day notice.

The IRS considers it a loan, just like any other, that represents potential interest income to the lender (in this case, you).

The person on title/name of the person on the mortgage can typically win if it is not done right. 

These are all preliminary questions a lender would ask to vet our your file.