This reduces the number of deals available substantially.I would not attempt a sub2 without an attorney doing the legal work.

Nothing will protect you against fair housing claims and other legal mistakes you make. 

If you want to go above that rate you should get an approval from landlord and tenan board (for example if your maintenance or property taxes go up).

I was recently approved by a lender for xyz dollars.

I think I need legal advice to force some action.

I don’t have cash but I know I can get approved for a line of credit that would cover my down payment.

In some states, you may still have to go through an eviction process before you can legally take procession.

Whether you or your parents own it on paper, your fees and expenses can be tax deductible as business expenses, and if yo’re in the paper, you can often still get approved “residential” rates and down payments if owner-occupied.

While this is all going on I am going to get plans ready and approved to build on the land.

I know that falls into an attorneys hands as well with legal binding documentation.