I'm buying all cash, no loan.

Most buyers are giving cash in that area.This is why folks in real estate is having rich equity poor cash problem.

A rental, bought all cash, is going to cash flow and let you learn the ropes and make some mistakes without being overly burdened financially.  

I battle Crohn’s Disease.  4 hospitalizations in the last year, and unfortunately I missed two payments.  

Construction loans don't care about the properties income (DSCR loans do) but construction loans do care about you making the payments while the home is under construction and then REFINANCING out of the construction loan after the construction is complete. 

It is just easier to cash out of the deal and get everyone's name off the mortgages.As far as contracts, use the TREC contract.

When you buy a home most of the payment at first will be all Interest and a little to principal, so if you make a principal payment that drives down what goes to interest.

Purchase price: $135,000 Cash invested: $40,000 I purchased this farm as a place to park out tiny house on wheels & to be able to rent out the house on the property to have a cash-flowing primary residence ;) What made you interested in investing in this type of deal?

You can do a DSCR with less then 12 months seasoning but you have seen the negatives with those loans which include higher costs/rates and pre-payment penalties. 

My friend is going to supply the money for the down payment.