Second home also has requirements about occupancy that we are unsure we could accomplish. 

I think that purchase price is pretty close to the minimum loan amount requirement lenders have for conforming loans.

. - We plan to continue working for the next 10-15 years, so the income requirement is at that point in time.

If you've got the capital and you know some of the homes you like require renovations, perhaps it's worth checking out an FHA 203k loan program (the renovation funds are built into the loan, and you don't pay them out of pocket!)

Bottom line: virtually always, sellers are better off working with licensed real estate professionals in their state than unlicensed individuals or companies. 

There aren't any special requirements.

This must be a specific lender requirement.

Private money is from an individual instead of a company that partners with asset managers or hedge funds and becomes a hard money lender.

When lots are platted, usually it should be required for a cross/shared access easement so a tract isnt land-locked. 

Many of the seasoned local investors, and high network individuals i know have started their journey in real estate investing, with buying owner occupied properties here locally.