One additional Pro - you can take all the cash flows coming into the LLC and set up a bi-monthly or monthly "salary" that you pay yourself/your spouse in order to establish the type of income (W2) needed to qualify for mortgages in your personal name.

I also like to establish a dialogue with the Sponsor well before doing a deal with them.

And then you will need to establish some kind of track record of receipt to establish stability of the new income. 

Also, you don't want to establish her dependency on you so early on.

Can someone help me with establishing the listing price of my land? 

It’s like gambling.

I would want at least $10K down (see issue 1).Issue 4) Taxes on owner financing are at ordinary income ratesIssue 5) I feel I can due much better than 12% return with my money availableIf you have ideas on how to establish owner financing I would love to talk to you.Thank you.Brian

And, good job finding a seller finance to boot...this is a great way to establish a track record which will help you going forward.Have you made a breakdown of your rehab budget in order to prioritize those items which should gain immediate attention?

Establish a budget and STICK to it3.

Its best to build up the established neighborhood imo and then g ok to the vacan blocks.