I'm not familiar with Pace Morby, but I'm based in STL and would be happy to help answer your questions and possibly make some introductions.

I’m not telling you this to brag, I’m telling you this to excite you and because it is possible for you too.

I would keep as much liquid as possible and essentially get you to 20% equity or more by renovating the property. 

Given your assumptions, you are not going to be able to get enough of a loan to fully cover the rehab, even with a hard money loan, so you'll need to pull in cash from elsewhere.One possibility is to have your mom sell you the house with a personal loan, not one attached to the property. 

Apply for a dimensional variance on the vacant lot to allow a smaller lot and/or setback so it can be built upon.Your best first steps are to sketch a plan, possibly with an engineer's help, then contact the zoning department to discuss your idea with them to get informal feedback on your liklihood of success before you spend a lot of money.

I reached out to my investment advisor who pointed me to a couple books that opened my mind to the other possibilities.

With that being said, I personally know several people who've had tenants that stop paying their rent and try to hang around for as long as possible. 

Otherwise, you will have to explain the large deposit and possibly the source of the funds to buy the crypto.You can expect to need about 20 percent of the overall costs of the purchase and rehab.

Sometimes I think, well maybe that newby is an expert at draining swamps....or they have a helicopter to reach the landlocked property and want to practice aerial concrete and building material transport.There was a guy on here the other day, challenging me that he could not possibly go look at all the "deals" he was going to buy in Florida for 10c on the $1. 

However, I don’t know how to go about possible PML and maybe a partner.