And there are workarounds for strict HOAs too which I'm happy to go over with together.

But in general, if I wanted to get into land ownership strictly for appreciation, would this be a great opportunity?

They do not trade on strict cap rates.

Ramen and even cereal “diets” (how is that a thing?)

Much less strict landlord laws and the area will be one of the huge beneficiaries of the growth happening in Newark.  

Some are strictly the traditional Conventional, FHA, VA, and USDA shops.

I think it is totally doable with a strict focus and reinvesting all proceeds back into the business/. new properties.  

They can be a great way to dive into investing without the same strict requirements as traditional bank loans.

The strictly legal answer is that you must apply your criteria evenly to avoid accusations of discrimination (i am not a lawyer).The most important part of this is applying criteria when you offer a specific property at a specific time.

If you go strictly by math (and not by Dave Ramsey) the sweet spot is between 50% and 75% financing, so start with 75% and refinace lastest once you drop down to 50% and your ROE (return on equity) starts dropping low.