Spending  $75,000 extra to get $200 more rent a month isn't too appealing.  

That may be considered "umbrella coverage" but sounds like extra coverage to me.

The truth of the matter though is that most of the people I buy from have owned the land since forever and have done nothing with it, so what's another 6 months?

Are they worth the extra due diligence if the initial numbers add up?

I would find out what is important to the seller and explain why I couldn't pay more than XX costs and say are you aware of XYZ and educate them.Sometimes the sellers are not ready to hear the truth and you simply give your card and say if anything changes let you know.

Now, all the other workers would give me "Change Order" forms describing the work and extra cost that I would have to pay for.

Or just refinance at the end of the period if you have substantial appreciation built up with equity and use the extra money to purchase more properties.

it's really no different than a house or duplex,  just that it involves extra items.  

I started the pre-licensure course last Week Tuesday and I should be done with the course by this Saturday ( That's my Goal at least) Then I plan to take an extra week to study some  more and then take the actual exam to get my license.

If it grows then you have some extra money.