Personally, I prefer land trusts, however, tax reporting and obtaining a tax id for a short term project would send me looking for alternatives. 

Most states will require you to obtain a specific debt collector's license to pursue those collections.  

Even when an investor is able to obtain conventional financing for acquisition/rehab, the turn times at most conventional lenders is 30-45 days or longer, and that is prior to another change coming in October of 2015 that will push that even farther. 

I should mention that it might be difficult to obtain financing.

This will at least get you started on the "As of Right" development potential within your designated zoning district..Potential to change zoning, obtain variances etc will be more involved, costly and risky (with great potential payoff) but it opens up a whole other conversation.If you can develop a concept plan for the property based on Zoning and Land development ordinances, you can then estimate yield/size of building lots, comparable new construction outsale value and then work backwards from finished product costs to help determine retail value and then wholesale value of a building lot.

It is more challenging to obtain financing with the latter type.

I'm looking to learn how to find good deals (Auction, Short Sell, Bank Owned) properties, obtain mortgages to buy them, how to keep them well managed and of course find tenants that pay every single month. 

The smaller company paid me more money, I did less work, and obtained my real estate license while on their clock.

Hopefully with some pictures, I could obtain some rough estimates on any potential work. 

Renters who obtain the coverage through their auto carrier can typically get multi-line discounts too which can also save them on the cost.4.