Sometimes a pro-forma is just a sellers hopes and dreams, proof the projections against reality. land sales usually don't spin off these types of returns unless they are in or around resort areas or major metropolitan cities where new construction is coming, not sure how a mountain would play into that scenario unless it's mountain cabins.    

What are some of the major pros / cons of this type of strategy?

I would sell it now before it becomes a major money pit.

If you are worried about the due on sale clause, create a Land Trust for the property where you are the initial beneficiary, then make a quiet assignment of beneficial interest to the LLC later on.Create a multi-member, manager managed, holding LLC in a state like WY (great charging order protection) that will be the single member of your two LLCs.The majority member of your holding LLC will be your living trust (ie you).

The vast majority of private Landlords have no clue what they're doing whereas a professional knows the law, can spot red flags, and can find you a quality renter.

Lexi is active on BP too. 

It may take awhile to find your first deal but it’s out there if you’re actively looking.

those are the two major reasons.For Tenants  i think the easiest would be the way we set up Note investments were the payor's monthly mortgage payment is ACH out of the account..

The only drawbacks I can think of are being a little further out, so less options as far as contractors and vendors, and of course fewer buyers and less activity.  

@Joe VilleneuveI never pay anything for my lines of credit when not actively using them nor pay fee when I use them.