I am hoping to borrow against the value of the land, which is probably $120KThe trick of course, is that I only hold them 4-6 months, so high closing costs on the loan can make borrowing too expensive.

Plus we do our own work so for now the costs are greatly reduced.What I do, assuming less repair costs for now, is maintain a smaller repair fund, and sort of borrow that money for expansion.

I am not sure why you would borrow but leave equity in the house.

If you take a property sub-to, and the borrower dies, the lender is not informed of the death......unless you or someone else tells them.  

They mostly have small amounts to invest, starting at about 10 - 30k.After speaking with a mentor and someone I highly respect, I will at some point be using collateral assignments to basically borrow money from these individuals.

Borrowing from a HML isn't very different than borrowing from a bank. 

I would say this most first time buyer loans require borrower occupancy in the subject property as a condition of the loan.

They're something of a no-mans-land  between a lease/option (which is ultimate a lease with a tenant) and an owner carried mortgage (where you have a borrower). 

This link:  http://budgeting.thenest.com/remove-coborrower-usi...seems to suggest you can remove a co-borrower using an FHA streamline refi as long as the one borrower can qualify on their own.  

Some borrowers use FHA strategically and may put a large down payment for its other advantages such as 56.99% DTI backend, 2 year CH7BK, no time seasoning for shortsale in the past if borrower had no lates, qualify with foreclosure in 3 years or less, etc