It partially depends on what sort of deals you can find. 

To calculate your land value, take into consideration the average price per square foot or acre of the comps and apply that to your land.Steps to apply comps to your property:1) Compile multiple comps: Find a real estate agent to help you put together a list of comparable properties.2) Make adjustments: Analyze each comp carefully to determine whether it has advantages or disadvantages when compared to your property and make adjustments to the value upwards or downwards as necessary.3) Determine the use of weighted average vs average: Depending on how close the comps are to your specific property; you may consider utilizing the weighted average method to place a greater weight on those properties that more closely resemble yours.Using comps to value your land can add a component of complexity and subjectivity.

Depends on cost/quality.

While these cost a little more, depending on the rental, it can give the feeling of luxury, without costing a lot.

@Kevin SiMaybe, it's hard to say, it depends on your market, but it might only be 4% for the TH if SFH is 5%. 

Typical rates are 8-12% of income either monthly or yearly depending on manager.

The holder of the note makes no real difference; in Jane's case, it might be more advantageous to her to hold the note than sell outright depending on how she can absorb the sale from a tax perspective; in your case you don't have enough income to do a conventional loan so getting a seller carry can give you more properties.

My credit score is 720+ and a down payment for an average property in Louisville, KY shouldn’t be a problem. 

Some non-DSCR loan products with no income verification and no credit score required.

They too answered my laundry list of questions to great satisfaction and I got a great vibe from them and left feeling like they had a strong sense of the Indianapolis market, having been long time investors there as well.I have not hired either as of yet, as I am still in the research phase; so far either company seems like a great bet to meet your needs depending on what you’re looking for.