Put a tenant in there and put it back on the market once the refinance is done Or should I carry the refinance mortgage without a tenant.

Are you paying cash for the land, or will you have to include a mortgage payment with your carrying costs?

I would carry out a well planned direct mail campaign which integrates RVM, text messages, direct mailing, cold calling, SEO and online ads.

We are not taking on any personal debt to pursue this journey; we don't have car loans, student loans, or carry credit card balances. 

If you plan to buy and sell out of MLS it may be a benefit, but it costs more to carry a license and have access to MLS than most people think.

Or, is the loss carried forward and only applicable to the actual property that showed the loss?  

That being said, if the deal is good I would consider getting recourse debt because the process can be much quicker, easier and they may have other terms that make them more favorable (i.e. no pre-payment penalties, wrapping in more of the loan cost, no money down via seller carrying full second, etc.).

The purpose of this post isn't really to argue about over extension or what is an appropriate level of debt one can carry.

She has been carrying those as well in fear of losing the home.

Doing my first flip in South Florida and my lender requires me carry insurance.....bind a policy before going to closing.