I have no debt (car paid off, no credit card debt, no student loan debt) and pay no mortgage on my current home, so the $3k is unburdened cash. 

I try to be conservative to ensure the first experience is as much of a success as possible because a lost on the first deal can sometimes scare someone from real estate forever.The problem I see with conventional A paper loans is that these guidelines from a qualification standpoint does not protect the borrower from a "bad deal."

Yes, even if the OF deal isn't on your credit, it would reflect on your bank statements and your tax returns.Biggest tip - get the property appraised so you don't overpay.  

So going with your plan you have two years to get credit.

My wife was p*ssed.3/24/16: Found BP and posted this thread: https://www.biggerpockets.com/forums/311/topics/29...04/01/16: Filed certificate a sale despite most of my friends, family, and coworkers telling me it was a bad idea.05/01/16: Paid my first lawyer bill (yikes!).

A term lease does not guarantee anything from a tenant all it does is make it more difficult to get rid of bad tenants.

As for my experience, having a 800 credit score really helped me in being approved by a 2nd Mortgage.

Another option is talk to a local credit union and have them do a construction loan.  

1 bed 1 bath condo in good area. Asking 67 k (approx 1k sq ft). Comps are 63k and 65k and rental comps are 950. I was thinking about offering 55k cash and then working up to 63k. Taxes=1493, hoa=213. Worth getting int...

I can't answer your question about the land bank, but getting a license is probably not a bad idea.