Here is a summary of the book.https://www.nateliason.com/notes/long-distance-real-estate-investing-david-greeneThe book also mentions the importance of having a rockstar Realtor, contractor, lender, and property manager.

They don't realize that most mortgages are written to PREVENT this and don't read the fine print. 

I already act as a lender for a friend who flips properties (I've bought a couple deals from him). 

The most obvious is that you will be able to offset your mortgage with renting out a few rooms.

Option C : borrow the EMD from the many willing lenders and pull $5000 out of his $ 20000 assignment fee.

Some rough numbers, a $119K mortgage is about $800/month.

OK, I would urge you to be very, very careful here...Certain operating expenses are paid monthly from lender escrow, so it's easy to assume that any costs not paid this way are somehow "optional."

Down Payment: Lower down payments, such as the 3.5% required for an FHA loan, let you keep more of your funds, but they also result in higher monthly mortgage insurance costs.

I can't say I know much about land financing but if I was in your situation I would get in contact with some local or even national mortgage brokers.

One question - which lender did you use to get a sub $100K loan?