It gives me more time to spend with my kids.

For Florida there is a excellent book with all the forms by Warda called Land Trusts in Florida.You can also look at Mr Land Trust aka Randy Hughes https://www.landtrustsmadesimple.com/I would highly suggest that for your first land trust in that state you either spend the money with a comprehensive course specific to that state or hire an attorney knowledgeable for that state.

Th 203k loan can be interesting, but it is a very inefficient way to spend your money.

You'll spend more time and money trying to mask it. 

So you could spend your time finding a good deal if you don’t have any money.

You will have to spend time getting to know people so that you know if you trust them and trust their numbers.I don’t know anything about construction but I’m willing to learn, is this strategy for me?

I am willing to spend some money (what I can actually get back if redeemed) as I would like to end up with the land.

Sounds like someone has been spending way too much time on conspiracy theory websites. 

But one fact is certain:  We're spending $2500 /mo on a VACANT home right now and have been for several months...

Once the house is sold, the seller will have to spend the proceeds on their medical care and other normal expenses.