Heck I have even considered quitting my day job and crossing the river and burning the boat so I have no other choice but to succeed. 

The difference is that the former must pay for the marketing budget you speak of; the latter has that fat cut out.

@Keith Myers what you have shown there is fine..........where is the coverage for the actual building; say it gets flattened or burned. 12 months loss of income is not really sufficient; should be 24 mos. settlements take a long time.

Are you going to sell and reinvest (i.e. trade up), borrow against it, let it sit on your books so you can feel satisfied that you have a fat balance sheet?

Family member then refinances the home, and gets a nice fat check3. 

As far as the mortgage, insurance, and taxes, that’s exactly what I was thinking, I’m not opposed to moving to the area, and I’m lucky with my current financial situation, I could pay for that out of pocket if needed, not ideal, but it wouldn’t burn me, I wouldn’t lose it, or have to foreclose and honestly it wouldn’t really hurt financially other than projected return.

Find out if they already have hookups (maybe from a burned down house) since those lots are worth more to an investor.

. $22K sounds like the perfect amount for a rehab on a small SFH, or a fat down payment.

If other locals I talk to then tell me the crime is bad, I burn that realtor's number. 

That is, if the home burns down, your lender is not covered.